The Telegraph: Greece is a harbinger of austerity for all

The economic crisis reached a turning point this week. Admittedly, it might have passed you by, as one piece of bad news blended relentlessly into another. And there was certainly no fanfare to mark this change, still less any sign of a break in the clouds.
No, what I am referring to is the sense of resignation, or surrender, that has crept into the economic argument – a collective global realisation that public policy, fiscal and monetary, has reached the limits of its ability to fight the downturn. To many of you, this might have been obvious for some time. But there remained a deluded belief that governments and central banks could magic away the crisis, or at least save us from its worst consequences.