Reality check from The Economist

The Economist, November 12, 2011 (Charlemagne)
“Much has been written about the subjugation of Greece, the cradle of democracy, under a second German occupation.
And much of it is nonsense. Italy and Greece chose freely to join the euro, and every club has norms of behaviour. In a monetary union, irresponsibility by one member endangers the well-being of others. If Italy and Greece had not been so over-indebted and sclerotic, they would not be in such trouble today. Countries that extend financial help have a right to impose conditions to ensure that their loans are repaid. The alternative to euro-zone diktat is being abandoned to the market. And if a response is needed, it will inevitably be led by Germany and France”.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s