The perils of ill-advised austerity

Europe's real GDP, i.e., after adjusting for price rises, is still below the pre-GFC peak.  An astonishing achievement.  This assumes a small rise in QII (data not yet available), which may not happen given the state of PMIs across Europe.  IP (industrial production) across core Europe is slowing, GDP will surely follow.  7 years of blunder and failure.  A triumph.  Provisional PMI for July out tomorrow.  We'll see what that shows.