Friday, 30 September 2011

Euro: no

'Bailout for Greece' - but is it? Isn't it more a bailout for bankers who lent to them, a bailout for corrupt politicians who fiddled Greek national accounts, a bailout for those who have and still seek to protect their euro currency project and the closer political union across the continent...The idea of a common EU currency, the euro, was always a daft idea - poor economics and poor politics. Just look at the situation now. Greece is on the edge, perhaps already over it, economically and socially. It cannot devalue its currency as its in the euro and it is having its economic policy dictated to it by other countries. Its already very difficult in Greece and whatever they do there is going to be more pain but they would be better getting out of the euro - and it would be better if the whole euro project was brought to a controlled end or very significant scale down. But instead...

Greek PM presses EU leaders for new bailout tranche: The Greek prime minister is having a day of talks with fellow EU leaders to approve a new bailout tranche Greece needs to avoid bankruptcy in October.
George Papandreou is meeting European Council chief Herman Van Rompuy and others in Warsaw before seeing French President Nicolas Sarkozy in Paris.
International inspectors in Athens to decide whether Greece should receive the 8bn euros (£6.9bn; $10.9bn).
Protesters forced the rescheduling of a meeting on Friday morning.
Meanwhile, the expansion of a general bailout fund for the eurozone looks on track for approval...



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