Why the French and Greek bids to end austerity measures are set to fail

The election of Francois Hollande as President of the French Republic and the shattering of the Greek parliamentary consensus are to be welcomed ("Hollande's win signals challenge to austerity", The Herald, May 7).

But not for the reason that socialist and Nationalist left-wingers would like to believe.

The defeats of Nicolas Sarkozy and of the Greek government do not signal a beginning of the end of austerity and a triumphant return of higher public spending and borrowing.

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