Abbott is headed for a Greek tragedy

The Prime Minister should heed the lesson of the Greek election and realise that if his government pursues an austerity agenda it will probably be voted out of office.

Tony Abbott is getting a similar lesson to the conservative, and now former, Greek government that has just been booted out: austerity is not popular.

It’s far better politically to devalue the currency than to maintain its value through fiscal and monetary rigor, at least in the short term.

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