Larry Elliott on the Guardian's Economics Blog:
". . . the latest phase of Europe's sovereign debt crisis has exposed the quite flagrant contempt for voters, the people who are going to bear the full weight of the austerity programmes being cooked up by the political elites. Here's how things work. The real decisions in Europe are now taken by the Frankfurt Group, an unelected cabal [. . .] What matters to this group is what the financial markets think not what voters might want. [. . .] This would be deeply troubling even if it could be shown that the Frankfurt Group's economic remedies were working, which they are not. Instead, the insistence on ever more austerity is pushing Europe's weaker countries into an economic death spiral while their voters are being bypassed. That is a dangerous mixture."