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Thursday, 4 August 2011

Do as I say not as I do

European Commission President Jose Manuel Barroso has warned that the sovereign debt crisis is spreading beyond the periphery of the eurozone. In a letter to European governments, he called on them to give their "full backing" to the euro currency zone. He also says governments should rapidly re-assess the European Financial Stability Fund to reduce the risk of contagion in the eurozone.

He doesn't go to the real heart of the matter and tell European governments to slow down their spending.  In factthe European politicans look more like Bernard Madoff every day - cracks are appearing in their financial structures, but so long as they can find another sucker to bail them out they can keep in business for another day without being found out.

The proper solution, and its only a start is to cut public expenditure, and we can start with the ridiculous amounts currently paid to public sector workers, such as Mr Barroso.

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