Here’s a great idea I wish I had though up. You’re mired in Debt and you want to see growth. So, increase the opportunity to get into deeper Debt, share the responsibility, ignore any financial provision for risk and hey presto – Eurobonds!
“The euro was always a political rather than an economic venture. But, as my economist friend Richard Jeffrey of Cazenove Capital puts it: “Just because you want to ignore economics does not mean that economics will ignore you.” It’s painfully clear what the end will be. The only question is how long it will be postponed, and at what cost.”
The answer to Debt is NOT more Debt. Nor is the chimera of growth ever going to emerge from countries who insist on living beyond what is affordable but demanding Germany bankrolls them. And EVEN if Germany does succumb to the insistence of all the other broken EU Nations and accepts Eurobonds, they will fail since they are plainly and demonstrably in opposition to the markets.