Europe is not in a debt crisis. Its public finances were manageable until the U.S.-originated Great Recession migrated across the Atlantic. The plunge in GDP slashed government revenues needed for debt payments. But recessions end. This one will by 2014, as European leaders de-emphasize the false hope of austerity and instead focus on reviving growth and household incomes. That transition has already begun, in the spring, spurred by grassroots sentiment.
Needless to say, David Olive is a moron. There is no need to pick apart his work. I'd rather spend my scarce time doing something more productive - like reading LewRockwell.com