So let’s give them €4 trillion a year to lose then, eh?
So, the European institutions have lost at least €100 billion in just the past few years in lending to Greece. Yes, there’s no cut in the headline amount of debt but the interest rates and maturities are such that those lending have indeed lost a minimum of €100 billion of that €320 billion lent.
So, here’s Guy Verhofstadt:
If Europe is to exit this crisis, the eurozone must act now to implement radical reform that will deliver a genuine political and economic union, to ensure this kind of crisis is never repeated. This means we must go further and do it faster. It means a sharing of sovereignty among the EU countries that have the euro as their currency. It means a common debt management system and a European treasury.
The standard estimate is that the European Union would have to dispose of some 25% of GDP if it is going to be able to run a proper fiscal policy across such a diverse area.
So, our former Prime Minister of Belgium is suggesting that the people who have just lost €100 billion should be given €4 trillion a year to piss away.
Fuck ’em, time to leave.