Monetary union, always unworkable, has set in train a European disaster
The eurozone is edging closer to doomed fiscal union. But sceptics shouldn’t celebrate, as the chaos will reach Britain too
guardian.co.uk, Thursday 21 July 2011 21.00 BST
At last, a real crisis. The Franco-German salvage operation for the eurozone was inevitable for the simple reason that Armageddon never happens. Nicolas Sarkozy and Angela Merkel patched together yet another “temporary” bail-out for the Greeks, and will do so for the Portuguese and Irish if need be. German taxpayers will pay the Greeks’ bills and aid Europe‘s banks as they continue to profit from 20% interest on their sovereign loans. Power always wins, so long as it can get someone else to pay.
Read the full story here: The Guardian