Saturday, April 10, 2010

Barely noticed in Britain, Greece is moving towards a bail-out

Meanwhile, at the opposite end of the EU, Greece is crumpling. The markets have now decided that a bail-out is more or less inevitable. Bad news for freedom, bad news for the EU and, of course, bad news for Greece. Unable to price itself into the markets, Greece will be condemned to a generation of deflation and poverty. A handful of contractors and oligarchs will grow fat on Brussels subsidies, while thousands of their countrymen are pushed into emigration.

It may not be Britain’s problem this time. But, as the EU moves inexorably towards establishing a European Debt Agency and a European Monetary Fund, it soon will be. It is becoming clearer by the day that bailing out the banks was a mistake. So is bailing out whole countries.

Here’s a thought, though. Greece is as opposed as ever to its northern neighbour being called Macedonia. Why not drop that objection for a fee? Just a suggestion.

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