Greece’s elections have confirmed its role as the worst pupil in the euro-area class. But with all respect to Paul Krugman and others, austerity isn’t dead: It’s now up to Germany to decide whether to ease up, or hold firm and watch Greece leave the euro. The May 6 vote showed clearly that Greeks aren’t willing to accept further cuts. Almost 70 percent of voters backed political parties -- from anti-Europeans to neo-fascists -- that oppose sticking to the terms of the two bailouts since May 2010. There’s now a high likelihood the country will miss its next deadlines under the 130 billion euro ($169 billion) program ... (full story)