Reply to post: Re: Scotland/Wales want increased powers locally

Brit Parliament online orifice overwhelmed by Brexit bashers

codejunky Silver badge

Re: Scotland/Wales want increased powers locally

@H in The Hague

"Not an expert in this field, but it strikes me that if the Greeks had run their government/economy a bit better (i.e. not spending above their means) there would have been no need for a bail-out or austerity"

Not quite. Our economy needed bailouts, the US did, the EU had to also. Unfortunately the EU's handling of the recession was so poor and economically insane that it nearly brought the EU-proper into deflation. That was purely down to the Euro being a bad idea and extremely bad management of the situation. Simply put Greece and others were less important than keeping the project going and could be sacrificed.

The banks chose to lend money to Greece. The risk was private debt. Except of course the debt being defaulted on would have killed the Euro so the ECB bought the debt making it public debt and the EU taxpayer on the hook for it. The Eurosceptics were right that the Euro was doomed. What we didnt count on nor did the US FED was that the EU would inflict such economic harm on member countries for its little daft project.

The solution to the Greek problem was to default what they cannot pay, devalue the currency and use IMF loans to support economically sound changes to stabilise the economy. Instead now Greece is bought and owned by the EU who tug its short and curlies to keep it in line.

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