Tuesday 31 January 2012
Eurofudge part 96
David Cameron comes back from Europe having not signed anything and is being accused of "selling us down the River" according to no lesser authority than Ed Milliband.
meanwhile in the real world, the next President of France, Francois Hollande, has said he will re-negotiate the treaty anyway..
But what is this treaty - a final fix to the debt crisis, a burst of liquidity and debt forgiveness to restore some vitality to the PIGS? No, nothing of the sort, it is a treaty to stop Countries from borrowing too much in the future (Europe had one of these before, called the Stability Pact, which worked so well in the 2000's that we are where we are today).
The real deal will have to wait as this one is to help Angela Merkel persuade the Germans that they can put more money up to save the Euro. Safe in the knowledge that they will get it back again in the future.
I can't really see any progress since March 2010 when the problems in Greece first emerged and showed signs of being terminal. That makes the crisis nearly 2 years old and with nothing but hot air created to try and fix it.
Amazing to watch such inept people in action.