How long will this “solution” last? Every economist and other “expert” I’ve read says that the euro cannot work with such disparate economies as – at the extremes – Germany and Greece. The EU elite KNEW this before they let Greece in on a LIE about its budget, aided and abetted it seems by Goldman Sachs. And it is no good for idiots such as DSK calling for “equalization” of economies and for Germany to “reduce its exports”; this is nonsense. It will (and is it even desirable?) take centuries for all EU countries to become “equal”. The euro is doomed; get out now before our money goes into a black hole. We should help Ireland as much as possible, but NOT while they are still in the euro.
Democracy? Labour signed the pledge to help the eurozone (which we are not even in and took a lot of sneering rubbishing from the great and good) in any bail-outs in the short interregnum AFTER they lost the last election. This was an extraordinary act of arrogance and slap in the face for the people. YOU COULDN’T MAKE IT UP.
PS “But we have lots of money invested in Irish bonds!!!”
“Invested”? HA HA … And which idiot fund managers bought these bonds? Did they not look at the way Ireland was using its new “wealth”? Were these the same fund managers who put money into Iceland? My old Gran could have done better.
PS Apparently things are FAR better than we have been led to believe. “Irish Finance Minister Brian Lenihan said his government would be getting less than 100bn euros ($136bn; £85bn)”, an indeed piffling amount by modern debt standards … Yippee ….