A slight problem with this southern European debt thing

Italians, Spaniards and Greeks are forsaking their homelands and heading over the Alps to the more robust economies of Germany and Switzerland, as economies contract across the Mediterranean.

If everyone buggers off then who will be left behind to pay the debts?

This free movement of people but the assignation of debts to a particular geographic area might well cause certain problems.

8 thoughts on “A slight problem with this southern European debt thing”

  1. Especially when you consider the natural selection process going on here. Migrants are by default, more get up and go than their fellows, just the kind you do not want to lose.

  2. “Migrants are by default, more get up and go than their fellows, just the kind you do not want to lose.”

    But also by definition those with reasonable levels of accumulated assets are also likely to be the older generation. And they are more likley to be retired at home rather than making a new life in Germany or Switzerland.

    Hence today’s news item about Germany wanting to introduce wealth taxes for southern Europe.

  3. One way to trigger a sovereign default, I suppose. “sorry, there’s only 5 people left in the country and none of them want to be the tax collector…”

  4. “Migrants are by default, more get up and go than their fellows, …”: or, perhaps, migrants are the insufficiently competent people who can’t get ahead in an economy which gets more and more competitive so they leave for a country where just about anyone can find work. Ain’t it great the way that anyone can just make stuff up about social issues?

  5. So Much for Subtlety

    Southern Europe has no sensible conservative movement. They have Christian Democratic parties, usually with ties to organised crime, who are just as incompetent in spending like drunken sailors after six months at sea and twelve pints.

    The problem is that by moving to Northern Europe, they will tip the electoral balance from relatively sane conservative parties in places Germany to Social Democratic parties. And so will bring down the Northern European economy as well.

    Culture matters. People are not fungible. If you want to see what mass Italian immigration does to a country, look at Argentina.

    The debt is the least of Europe-s worries.

  6. @SMFS, dunno about everywhere else but in Germany foreigners don t get a vote in national elections. So the tide of latin lefties isn t going to affect the political balance here.

  7. So Much For Subtlety

    JamesV – “in Germany foreigners don t get a vote in national elections. So the tide of latin lefties isn t going to affect the political balance here.”

    Yet. They will have to comply with EU directives in the end. Even if they do not, intermarriage and second generation children (which is a complex issue in Germany granted) will gradually bring the change.

    The future of Germany is Turkish speaking so they might be better off with the Italians. But either way, people are not fungible.

  8. Turks have to renounce their Turkish citizenship to take German citizenship. So rather a lot of them don’t do it. There was also, until very recently, the military service obligation that put them off.

    The compliance with EU directives thing is that EU citizens are allowed to keep their previous citizenship on becoming German. Even then there is an absolute minimum 6-year (and usually 8-year) residence requirement (unless you’re a Bundesliga star).

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