|A new one of these would be a good tourist attraction in St Ives|
A jubilant Jean-Claude Junker has today announced a huge lump of money, 15x smaller than the announced €315 bn (that number is plucked out of thin air using something call a 15x multiplier) to fund fraudsters everywhere.
This is how it will work. A company, let's call it Happio, will say they are going to build a nice windfarm in Southern Spain. They will get an Euro guarantee which they can take to the bank to fund the windfarm. The bank will lend them €100m. Against this, if there is any loss, the EU will take the first €20 million odd.
The project begins, but there are delays and cost overruns because the contractors who won the tender are raping all the money they can and are giving massive backhanders to Happio for winning the contract. Also, planning was only secured after a hefty bribe to the Planning dept so the who project finance was never going to work anyway.
So, after a few years, it is wound up. Losses, €20 million. Oh well, the private banks have not really lost and its only the EU. There are now plenty of wealthy Spaniards but no windfarm.
This will happen in every EU country, including the UK.
So, dear readers, anyone with any wildly ambitious infrastructure investment plans that we can get working on.....