While all eyes have been on Greece, will it actually be Spain that crashes out first, creating financial chaos across the Eurozone as it is an economy too big to be bailed out?
http://www.telegraph.co.uk/finance/fina … enial.html
Well, all eyes on Spain for now, but the Telegraph neglects to discuss the forthcoming vote in Ireland, and Francois Hollande's very different approach to economics and the Eurozone crisis. I think it is also really interesting that the Telegraph likes to pin the blame fairly and squarely on the policies of socialist parties, and while I don't dispute that there have been a few bent politicians that have cooked the books in cohoots with JP Morgan, the endemic problems within the Eurozone are so much larger than the incompetence of a couple of politicians.
I think Greece will pip Spain at the post when it comes to a Eurozone exit. But more importantly, I think that the financial elite are having, secretly, a much greater panic- Financial transaction Tax, the tide is turning and a few countries in Europe are warming to this idea. Cameron's reluctance to entertain the FTT will die with him and his shambolic Governement, pretty soon by the looks of things. We'll have to wait and see where we land, but if the Eurocrats don't pull their finger out soon, we'll be sinking along with them!
Ireland have already voted yes
http://www.independent.co.uk/news/world … 10933.html
My brains not fully engaged. I'm stuck in a time warp somewhere (been glued to this damn laptop for the last seven days- got loads of work on, but had forum blowout last night for reasons of sanity.)Ok, Ireland's a yes. Still think it will be Greece first, though. I just don't see how they can sustain the repayments.
There seems to be too much either/or going on. Its seems to be either austerity or growth, when I can't see why you can't have both?
First ditch the word austerity and change it to savings and efficiency, which is something all governments should be doing all the time anyway - they can do things well, but still in the most cost effective way possible. Europe need to lose this strange notion that anything in the public sector has a god given right to squander as much cash as they possibly can. But they can also stimulate growth as well, and invest what they do have into industry and infrastructure projects that will provide jobs and attract investment
I agree re the austerity vs growth debate, although I realise that isn't supposed to be the debate, just the way it's turned out.. It's obvious that we have to make savings, we just have to, but that doesn't and shouldn't mean that are only focus should be around cuts. I think the problems with the public sector are at the higher end though, not at the bottom. How much money have we squandered on highly qualified, yet completely useless managers, or engaged in costly projects to no avail?
I'm thinking about my own experiences in the Probation Service. I was a project worker on a government pilot, aimed at reducing offending and rates of recidivism (prisons are very expensive). The project cost the tax payer just under 20 million pounds, we commissioned a university to analyse the data (very costly) and employed a number of other staff to manage the project. After 12 months it was established that rates of recidivism had decreased within the sample by 46% (the clients we worked with were short term prisoners who were prolific in their offending behaviour, usually in and out of prison every few weeks) 46%, that's massive, rolled out nationally this project would have saved the tax payer an absolute fortune! It was decided, however, that the project would be binned. Where is the logic in this?
I'd also love to see some of the scroungers from the House of Lords held to account, how much do they cost and what exactly do they contribute? And many from the civil service in Westminster gone for good. I also think more pressure should be put on the banks to lend, where it is sensible to do so, to small business. And I would love, love, love to see a financial transaction tax imposed on the banks. Ah, but this is more than you asked for, rant over.
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