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It was "Expansionary Austerity". How that was supposed to work was through the "Confidence" fairy.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Carrie (migeru at eurotrib dot com) on Fri Feb 17th, 2012 at 02:24:09 PM EST
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That is also apt in that they have greatly expanded the black hole into which they are being drawn.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 17th, 2012 at 09:46:23 PM EST
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