It is now almost three years ago since Greece’s government announced an austerity package that promised to reduce a budget deficit that was at least 4 times larger than the then agreed to limit under the Stability and Growth Pact. A promise was made to reduce the deficit to the requisite 3% threshold by 2012. We all know that such a promise could not be kept and deficits will no doubt exceed the wished for EU maximum for several years to come. Meanwhile, new austerity measures continue to be introduced. While Greece no longer makes the headline (as much), this is not because all is well in that country. Instead, Europe has turned its attention to Italy and Spain. The government is dysfunctional in the former country while Spain keeps recording staggering levels of unemployment (over 27% at last count).