Political Promise

Debt in the Eurozone: Same Song, Different Singer

In Uncategorized on November 16, 2010 at 10:54 am

It is the same old story in the Eurozone. But which of the P.I.G.S. is near bankruptcy this week, asks Jonathan Edwards?

First there was Greece. In second place came Ireland. In third place odds are on Portugal and fourth and fifth bookies are split between Italy and Spain.

Nope it’s not this years eurovision predictions but something all the more painful to our ears and crucially our pockets. These are the winners, or should I say with a cliche losers, of the idiocracy that has become Europe’s economic plan and sustainability.

Greece fell with spectacular consequences which don’t doubt are still going on but as it’s no longer fresh news that means its not in the news. The focus now shifts to the Republic of Ireland which, according to rumours, is about to receive a £67bn bailout any day now. The country like the majority of Europe is what you and I call broke.

Why this has happened in Europe shares the same lyrics as why it’s happened at home. However they have the added melodies of confusing fiscal policies, unmanageable directives, at times dreadful lead singers and group members, back up dancers and groupies that chop and change, shift and scurry and generally wouldn’t be trusted to run a school concert let alone a continent.

There of course long winded, intrinsically detailed reasons, unavoidable bumps, lessons to be learnt from and teething problems.

There are of course perfect examples of why it’s happened that coincide with the ludicrous one currency, inflated to burst, which in times like these prevents competition and practical, normal and basic common sense market conditions.

France has more public workers than private workers. Ireland has stronger whiskey than it’s banking system and Greek workers went on strike because by 2015 the retirement age is going to go up to the ripe old age of 63.

Folks expect more grim news from all our neighbours. No one in Europe is on even par, they’ve more divas than team players, structure built on sand and the only spending will be on bailouts, Brussels buildings and Elton John concerts.


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