“Ever driven on a motorway in Spain or Portugal? You’ll notice it’s not exactly the M25 – often, cars are few and far in between (some pretty heavy congestion around Gibraltar not included).
According to some estimates, 25 per cent of the EU’s so-called regional funds in Portugal has been invested in roads, heavily contributing to a ridiculous situation where the country has 60 per cent more kilometres of motorway per inhabitant than Germany and four times more than Britain (H/T FT). Meanwhile, around one third of EU structural funds in Spain has been invested in infrastructure, further inflating an already critical construction bubble, while, like in Portugal, creating a whole host of ghost roads, airports and harbours. The EU’s own auditors have hammered EU spending on roads, noting that 74 per cent of the project they monitored in a recent investigation recorded less traffic than expected.
Welcome to the folly of the EU budget. This economic anomaly is at best irrelevant for the Eurozone crisis – at worst outright damaging.”
Spain ALSO has TWICE as many airports as Germany, a far richer country.
Merkel has now said: “Greece should never have been allowed into the euro.” She is of course only electioneering: what she said is bleedin’ obvious and could have been said years ago, and indeed was, and not only by me. What she did NOT say was that Greece got into the euro on the basis of UTTER LIES fabricated by GS among others. It is ALL based on lies, but YOU will soon be called upon to bail out Greece for the THIRD time.