This problem didn’t arrive suddenly by alien spacecraft; it has been brewing for YEARS and the EU elite have done nothing to sort out the root causes, even during the (illusory) “boom” years.
It all started when they let Greece into the euro on the KNOWN LIE of falsifying their accounts – reportedly with the help of Goldman Sachs to cook the books. The EU also knew (their own economists told them) that Greece and others couldn’t survive long-term in the euro with Germany. They went on nonetheless and therefore effectively lied to their electorate, and this for political reasons. This lied-to electorate is now having to pick up vast bills.
This is a mess for all of us (though I notice that so far none of the EU leaders is taking a pay cut to help out), but even so I am happy to see LIES get the treatment they deserve. Does the general populace KNOW that the launch of the euro was based on a lie? Are we going to DO something about it?
Oh, and the Portuguese PM has just admitted that many activities “were removed from the budget”, thus falsifying the Portuguese accounts, while in Britain much investment was shifted to PFIs, which I believe ALSO don’t figure in the usual statistics designed to reveal a country’s debt.
ALL SODDING LIES. This is the leadership we have got – all done by lies, sleight of hand and financial trickery totally divorced from the REAL WORLD.