Greek Austerity is Global Parenting
The word 'austerity' in non-financial terms means 'severity' or 'sternness'.
Rather like the eventual behaviour of a parent when a child goes one tantrum too far.
It's a course correction to establish boundaries, make clear the rules of life, and a measuring stick by which future behaviour can be, well, measured.
So much for the parenting tips, but the term 'austerity' has become a mantra for driving change in the Eurozone.
And like parenting an unruly child it's both long overdue and a last resort.
In the barrage of news headlines calling for further Eurozone financial austerity measures, the term serves a more practical and specific agenda; deficit cutting, lower spending and a reduction in the number and amount of benefits and public support available.
And both definitions collide at the point of 'delivering necessary change'.
The scenario arrived through a flagrant disregard for governing taxation; where an economy struggling to keep pace with Eurozone economic targets is the trip switch, and austerity measures the response.
So welcome to the last resort, where Greek austerity measures have resulted in violent street protests in Athens.
It exemplifies a society so unrepentantly lax in tax regulation and enforcement that the idea of real world economics to the Greek populous is somehow considered untenable and unfair - like a petulant child kicking and screaming on the floor of the supermarket.
On Sunday the Greek Parliament approved an additional package of austerity measures designed to ensure that a vital tranche of outside funding is released to enable Greece to meet its ongoing debt obligations.
The move also calls time on decades of abandonment extravagance and indulgence.
On the austerity package itself, it is in response to ultimatums from Eurozone finance ministers and ensures a EUR130bn bailout fund, with the codicil that Athens must identify additional savings of EUR300m in its 2012 budget.
Tantrum time has arrived. The streets of Athens erupt. The toys are hurtled from the pram. Bring on the Molotov cocktails. Hold the feta cheese.
Why? Because the Greek taxpayer must now, well, pay taxes.
They have already 'suffered' increases of late by way of a new property tax, solidarity tax on incomes and reduced personal allowances.
And the big one? A crackdown against tax evasion. Oh, perish the thought.
So what does it all mean? What impact will the PIIGS' (Portugal, Ireland, Iceland, Greece and Spain) faltering economies and newfound austerity have on the UK and global economies?
Ultimately, not much.
Together the PIIGS have a GDP equivalent of a house of straw - one puff and nobody would notice.
Add them all up and they represent less than 4% of world GDP.
To put that into perspective, in the last 13 months the increase in GDP of just five countries - Australia, Brazil, Russia, India and China (A CRIB) - equals the total GDP of the PIIGS.
What's more astonishing is the US sunshine state of Florida alone has a bigger GDP than Greece, Portugal, Iceland and Ireland added together.
Heck even computer giant Apple is 50% bigger than Greece.
With perspective comes, well, perspective.
So when you read about the next Greek disaster scenario or how the PIIGS of the Eurozone will somehow lead to Armageddon you'll know that the Eurozone is only exercising its long-overdue parenting skills on a desperate child railing in the global economic crib.
Written By Ed Emerson, Editor of HNW Magazine