How the news would look if everyone stopped waffling and told the truth.
Monday, 7 May 2012
Is The Euro Terminal?
In Greece the centre-right leader Antonis Samaras has found it impossible to create a coalition government based on austerity and staying within the Euro. In France the new President, Francois Hollande, has signalled that the compact with Germany will have to be renegotiated. Spain is fast approaching crisis as its industrial output slumps by another 7% and, in Italy, skepticism of the EU is growing apace. What does this all mean? It seems to indicate that the idea of a united Europe is fast coming unravelled. Not because it was a bad idea. Originally founded on two sound principles - preventing further European wars and creating a single market to increase wealth - it began to go downhill when the politicians forgot why it was created. They began to see it as a vehicle for their dreams and ambitions, a larger canvas on which they hoped to project an even larger image of themselves. The Euro was never necessary on strict economic criteria. It was only necessary for those politicians who saw the currency as a badge of honour and, as more and more European politicians saw it in those terms and clamoured for their countries to be included, it quickly lost its real purpose and was devalued even before it was launched. Now its continued existence and remaining within it has become a matter of pride for politicians who have been blinded by their own propaganda. Greece should and will probably leave the Euro, followed in quick succession by Spain and probably Italy. And if Hollande cannot get the Germans to change tack then France may well do the same. The Euro was a good idea ruined, like so many things, by the politicians - it will not be missed.