IMF

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Europe – How do you solve a problem such as Greece?

The important thing for Europe is for it to be defined once and for all. Churchill called for a United States of Europe, Schuman created the gradual approach, and de Gaulle opposed any federal encroachment. And this was only the beginning… In short, do we want a federation or a confederation? In this blog we consider the impact of the possibility of Greece defaulting, and this author suggests its eventual removal from the Eurozone, as well as setting out guidelines for future similar situations.

In the short term, the EU needs to make sure if any country is in danger of defaulting, or exceeds limits on its deficit, that there are systematic measures taken. Also, in much the same way as there are limits on deficits, there should be limits on debt given, so that countries know what awaits them. Continue reading

A Very British Greek Tragedy

Cry “Havoc! And let slip the PIGS and Greece” as Shakespeare would have written had he been around. The travails in Greece certainly have all the hallmarks of a tragedy in the artistic sense but beyond that all sense pretty much disappears.

Hubris, pride, incompetence, bathos, comeuppance, despair but enough of Ed Milliband’s leadership election, all these wonderful traits can be discerned from afar with great satisfaction by the average Brit who has always thought that there was something deeply flawed by the European currency project. Continue reading

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