Saturday, July 23, 2011

French indebtedness to rise by €15 Billion in Greek Bailout 2.0!

Le Figaro this  morning is beginning to drip the reality of last week's mind-blowing incompetence of the Euro Group's leadership, in splashing further funds they do not have, to rescue the Greeks from a default on its debts which has thus become ever more certain.

When this blog was posted, the linked article had attracted 631 comments, almost without exception hostile to the new bailout.

This blog believes Britain should wait and watch developments before taking any decisions on its attitude to the latest crisis. As reported in the posting below, the money from the IMF may not even be forthcoming, while the collapse of other Governments of presently triple AAA rated Euro Group countries is not beyond the realms of possibility.

Having hung on for so long, and expended so much in pursuit of remaining a member of the EU club, rash action in the immediate furture could be disastrous.

This blogger therefore welcomes George Osborne's decision to decrease the rate of interest on our loan to Ireland, announced yesterday!



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