Saturday, 7 May 2011

Grab the popcorn, the main feature is about to begin.


The cracks started to show a while ago, over the winter the rain got into the cracks and expanded them as it froze. Now spring is here and the seeds have germinated, the weeds are now working their way into the body of the edifice, increasing the damage.

The euro has fallen by more than 1% against the dollar, following a report that Greece had raised the possibility of leaving the single currency.

I'll bet the EUrocrats are furious. How dare they? After all the effort they went to in cosseting the entitled Greeks, so helplessly addicted to public cash. They pumped millions into the country and all they asked for in return was complete control of a formerly sovereign country and the population therein.

The claim was vigorously denied by Greece and Germany.

Because in this alliance of equals, Germany calls the shots. It is Frank to Greece's Sammy Jr.


However it was later confirmed that ministers from five eurozone countries were meeting in Luxembourg.

The countries - Germany, France, Italy, Spain and Greece - were said to be discussing EU issues, including the financial situation of Portugal, Ireland and Greece. 

So Germany have the money, France don't have it but want it, because they are utterly addicted as well, Italy are wobbling, Spain is almost on its knees and Greece are as done as a Christmas turkey.

Nice to see they've had the good manners to invite Ireland and Portugal along. They're sitting there discussing them like parents summoned to the headmaster's office to discuss their childrens' under achievement and disruptive behaviour.

After the talks the Eurogroup Chairman Jean-Claude Juncker issued a categorical denial that Greece's euro status was up for debate. 

"We have not been discussing the exit of Greece from the euro area, this is a stupid idea, it is in no way... an avenue we would never take," Reuters reported him as saying.

"We don't want to have the euro area exploding without reason.

What, like the fact they are totally bankrupt, liable to default on their loans and are economically incompatible with the single currency, always were and were always known to be? Is that not a good enough reason?

Let us not forget, this is the BBC, so nothing is as clear as it seems:

Over the past decade the Greek government borrowed heavily - public spending soared and money flowed out of the government's coffers. 

Which is a bad thing, right? Because I've heard precious little criticism from the BBC over the identical policy followed by Labour.

No. Obviously it isn't a bad thing.

However, the revenues the government generated through tax were not enough to counterbalance this, mainly as a result of widespread income tax evasion.

How dare these people undermine the manifest destiny of the political class by not handing over their cash to fund the insane programmes of government spending? Bad Greeks, naughty Greeks.

If the Greeks pull out, I'll bet the Portuguese and Irish will follow. Then a number of the smaller states will think 'why are we bothering'? You can't have a federal Europe without a uniform currency. Let us hope that Greece default and pull out. Then they can set their own rates, make more money from their tourism industry where visitors are paying in a currency which is attractive for them to use, rather than the expensive Euro. C'mon Greece, pretend the Euro is the Persians, bloody stand up for yourselves.

As an aside, and with reference to the image above, what sort of person commissions a statue of a symbol of a currency? Can you imagine the howls from the left and Grauniadistas if a big £ was put on a plinth outside the Bank of England? How very vulgar and crass.

1 comment:

nisakiman said...

"Let us hope that Greece default and pull out. Then they can set their own rates, make more money from their tourism industry where visitors are paying in a currency which is attractive for them to use, rather than the expensive Euro.."

Interestingly, the majority of Greeks I speak to would tend to agree.