Tuesday 27 April 2010

Economic disaster in Greece

We should be worried by the rapidly deteriorating financial position in Greece. Economic discontent could spill over into political agitation far more dangerous than anything seen so far on the streets of Athens. Portugal is on the down slope and could follow Greece into economic and political turmoil. Spain and Italy have rocky economies, as does Ireland.

Thank goodness we are not in the EMU and have some control over our destiny. The Liberal Dozycrats would have had us in the EMU in a twinkling of an eye. The fact the UK is not in the eurozone gives us the power to raise or lower interest rates, something which countries tied to the euro cannot do.

Should the eurozone collapse, what price the European Union? The EU could be heading for a spectacular crash.

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