The Eurozone

Wednesday 2nd November 2011

It’s a bit like a bad joke at the moment.

Last week, the Eurozone leaders announced their latest agreement to save the Euro. Essentially, what they announced was what it is that they’d like to do, but they haven’t really worked out the details of how they’ll do it. It’s only small details that are left to sort out, for example where exactly the money is going to come from…

So they haven’t really agreed much at all. And the stuff they did agree, doesn’t even solve the underlying problem. So for the umpteenth time, the EU leaders have just kicked the can down the road.

Straight after it was announced, some people were sort of facetiously wondering how long it’d take before the plan would fall apart. As it turns out, less than a week! Because the Greek leaders have decided to have a referendum about whether to sign up to the plans. EU leaders aren’t used to the concept of people having a say on Europe, so this has perplexed them. And everyone is worried that when the referendum takes place next year, the Greek voters will give the wrong answer.

Meanwhile, Greece is on track to have a primary surplus by 2012. Which will mean they can safely default, and the EU can go screw themselves…

What’s amazing is just how dysfunctional it is. The Eurozone leaders get to ponce around, looking self-important whilst managing to completely dodge the issue, making it all the more likely that the whole thing goes tits up. It would be quite hilarious to watch, if it weren’t all quite so serious.

Posted at 8:23 pm | Posted In: PoliticsRant Tagged:

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