Bailout Greece – Why?

Am I the only one who remembers black Wednesday when the then Conservative government had to withdraw from the Exchange Rate Mechanism because they could no longer afford to peg the pound above its lowest rate against the pressure from international speculators?

Did anyone rush to offer us assistance?  No they did not.

Today I see in the Daily Mail that there is quite a possibility that we may be called upon to contribute up to £3.5bn towards a bailout of Greece.  This is the minimal figure.  The probable one is of course higher.

So the Greeks have got themselves into a pickle of their own design.  What are they doing to get themselves out of it I ask?  Financial stewardship of course.  Communal belt tightening I suppose.  None of it.  The Greeks are striking to make sure that they do not lose the benefits of spending too much money.  This bailout is not a resolution to the problems in the Greek economy, rather it is a continuation of them.  Rather like our printing more money to maintain artificially high asset prices in the approach to the next General election.

Let Greece sort out its own problems!

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