It's Mayday, and there are said to be huge marches throughout Greece, Portugal and Spain, demanding an end to austerity and budget cuts, and hoping for regeneration of the economies.
Instead of cuts with money being reduced in the economy, perhaps the introduction of new money into the system (borrowed and repayable) may help to stoke up manufacturing industry and commerce and facilitate loans for housing and education.
That eventually will have to be the way, to create work and thereby create wealth and pay off the national debt.
The ECB often has 720 Billion Euros on deposit overnight, but only borrowings from it of 230 million. This suggests a lack of confidence or some glitch in the system, but Europe certainly has the wherewithal to continue the economic Recovery, now that the U.S. and China are fully on steam.
World markets for goods will pick up as more and more people have jobs restored and are earning good wages, with rise in living standards in the Emerging countries.
I think a mantra may be "I wish you well, I wish you well, I wish you well". This may restore the spirit of Live and Let Live, and restore the balance.