Thursday, January 19, 2012

Greece and our money

John Redwood MP, one of the few astute spokesmen in Westminster on the EU, chooses to write on the traffic light situation in and around Parliament on his blog this morning, this follows yesterday's offering on roads and before that on yachts. Prior to that post we did have something on Greece, but that was long before yesterday's harrowing IMF proposal.

For detail on that we must rely on the Wall Street Journal who fifteen minutes ago updated this comment, from Washington, where it remains the dead of night. This article presently concludes as follows:

Some experts and policy makers maintain the world needs far more money than even the IMF is seeking in order to contain the growing crisis. The $500 billion proposed by the IMF "is not nearly sufficient to provide bailouts for Italy and Spain," said Desmond Lachman, an economist at the American Enterprise Institute and former IMF official. He estimates that Italy could need $750 billion and Spain could need $450 billion for bailouts. "Additional money would have to be ponied up by the Europeans."
Those and other nations in the euro zone also face growing economic strains, raising the risk that they will need more than outside loans to recover.

It was 30th May 2010 that I appear to have first headlined a posting stating "Greece must exit the Euro and Default" concluding it as follows:

This blog has been stating this obvious fact as it appears in this posting's headline for some considerable time, in fact ever since the so-called Greek crisis first hit the headlines! Other common sense on the present terrible situation is in other postings below this.

Time and again since then I have blogged on the futility of pouring money into Greece, with no Euro exit nor devaluation possible and that it would would surely bring the world to its present point.

Little could I ever have guessed, however, that when we finally arrived at the crunch, even our brightest MPs would seek distraction with topics such as traffic lights, roads and yachts. At least Douglas Carswell MP yesterday recognised the acute danger the country faces, his Party leadership, in thrall to Clegg, clearly do not!

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