When Syriza won the elections in Greece in January on a ‘No to Austerity’ platform left-wing opponents of austerity throughout Europe were delighted. ‘If they can do it, so we can’, they chanted. Yes, but do what? Saying ‘No’ to austerity is one thing. Ending it is another.

Why there is austerity

Knowing how capitalism works, we were sceptical; maybe Syriza could mitigate austerity a little for some workers, but end it, no. ‘Austerity’ , i.e. cutting back on government spending, is a policy that all governments are obliged to apply when capitalism is in one of its periodic downturns, at least if they don’t want to make the situation worse.