Tuesday, 19 June 2012

Europe's on the brink of probably the gravest and most frightening tumult of our lifetime

Daily Mail
"Sunday’s Greek election was trailed for weeks as a make-or-break event. Nobody with a brain the size of a sultana believed it, but we dutifully listened to the TV news coverage, and waited with unbated breath for a result. We got a minority victory for a party notionally committed to keeping Greece in the euro by sustaining a national austerity programme that has already reduced the nation’s economy by 20 per cent since 2007, and next year promises to cut wages and pensions by another 15 per cent. Global markets flickered momentarily upwards in the wake of the announcement, then fell back in disbelief. They recognise the following about Greece’s predicament: if it persists with the austerity programme necessary to cling on in the euro, only penury and political extremism lie ahead. The country is no more fit to share a currency with Germany than I am to play tennis with Andy Murray. There is no more chance of Greece repaying its debts than of Boris Johnson giving up women."

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