Thursday, October 27, 2011

After one and a half years, is half a Greek default better than none?

The full text of the latest Euro Group mish-mash of measures may be read from this link in pdf.

Such a massive failure should come as no surprise. The ill-informed and entirely misplaced comments of the likes of the British Chancellor of the Exchequer, George Osborne and sadly also those of our country's overbearing and clearly pig-ignorant Prime Minister, David Cameron, show no grasp of history nor of the massive leap it would have taken for seventeen former sovereign European nations, all with their own cultures and many their own languages, to join togather under some form of ill-defined economic governance and thus effectively merge themselves together into an economic whole.

True progress, might have been able this morning to have been claimed to have been made, if at the very least the seventeen countries involved, had they been given different leaders, with some courage so as to have been able, for once and for all, to reject such an absurd and clearly completely non-feasible concept!

My own reply to the question raised in the headline to this post, is as it has been since the Greece crisis began - namely a full default is a pre-requisite, and that such a thing cannot be managed, with a default it is every bank for itself and citizen for themselves, with the devil taking the hindmost.

Once such a process is over, then perhaps the EU can make a new start.

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