Thursday, 24 May 2012

The Euro

For the last twelve months there has been a crisis [financial] in the Euro zone, a group of seventeen countries that have the same currency.

There has been countless speculation as to how this came about, what is happening and what should be done in the future.

The Euro began in 1999 [with only six countries] and back then some people said that unless there was political union it would not succeed. Now there is seventeen and not only do they have absolutely no political or financial similarity, it has become clear that getting some of these countries in can only be described as a set of dodgy deals!

It has become clear that some people wanted a single currency and did not care about the consequences, well it has come back to bite them.

I'll only say this once, no country should be given a bail out if it fails.

It is exactly the same view that I have over banks. The biggest mistake we made recently was to prop up Northern Rock, it should have failed just like Lehman. The recent sale shows that a few at the top have made a fortune yet again from the man in the street.

Back to the Euro, they say that if Greece leaves [guaranteed in my opinion] it would be a crisis, well two points, we already have a crisis and the people who would loose are the bankers. Why are we worried about them?

No comments:

Post a Comment