FTSE 100
Dow Jones

Sunday, 9 May 2010

EU broke it, EU fix it

It seems that the EU would like the UK to be part of the group that bails out Greece in order to save the Euro. Nicolas Sarkozy tabled a measure in an emergency meeting late on Friday night to create a €60bn "European stabilisation mechanism" to provide bail-out support for countries which may face similar strain to Greece in the coming months. The Frenchman's idea is that this will be funded by all EU countries. As ever, the French try to push the cost elsewhere.
Sorry pal, but it is not our currency. We specifically decided not to be part of the Euro because we didn't like the profligate spending in some countries and we didn't think it would work. We were right. You were wrong.
That might seem a bit stingy, but it is like having a divorcing couple living next door. I can put up with the flaming rows and crashing of saucepans in the middle of the night. That's life. It happens. But don't ask me to pay for the divorce settlement.

No comments: