In Europe the problem is sovereign debt
The nations all owe too much and yet
There’s always a need to borrow more,
A situation banks deplore.
The folks at Merkel and Sarkozy say
Austerity’s the only way:
Increase your taxes and cut your spending
The markets’ll see the message you’re sending
And buy up your bonds quite willingly
If you stick to the path of austerity.
But any hopes for this plan sank
As all economies began to tank
And any gains were soon offset
By a further increase in the debt.