Europeans use elections to reject austerity.

Francois Hollande has won the race for President of France; Greece's own elections was a referendum on austerity -- which Greeks rejected; even Angela Merkel's finding some troubles at home.

Much of the media, having long ago decided that austerity was reliably serious economics, have pumped up the threat of a returning Eurocrisis.

It never really went away.

1-year Greek bond rate -- 1143% -- do you see a recovery?

5-year Greek bond rate -- 61% --  are we recovering yet?

30-year Greek bond rate --17% -- did I miss the recovery?

Greek unemployment -- just keeps going up  despite budget cuts.

Irish Unemployment -- over 14% -- where's the recovery?

Half of Europe had already gone into a double-dip recession before the elections.  If austerity was supposed to bring confidence back, it surely didn't work.

If the ECB won't lend out cheap money, then the Euro will break up.