The Troika’s (EC, ECB and IMF) much critiqued austerity programme is grinding to a halt. Cyprus buckles painfully under the terms of its bailout while peripheral sinners Ireland and Portugal toughen resistance to repayment schedules.
It was all so predictable, where did Federal Brussels think it was taking us. While the sins of the over spenders, (of which there are many) need to be washed and cleansed, it is clear the problem embraces the wider business model. And, not just about the debt hangover from the infamous banking crisis. Belt tightening alone is not enough. Indeed it is mostly counterproductive. Anarchy is making a stylish comeback in the shape of ridicule and contempt for the efforts of Europe’s leaders to shape the new Superstate. (Even though, most citizens are still good Europeans).
|They have the whole Union in their hands. Cameron and Merkel|
discuss the situation facing Europe at the recent Schloss Meseberg
meeting near Berlin. Image Con. Party 2013
In typical E.U. bureaucratic fashion none will take responsibility for the Troika’s programme’s failure. The best result austerity can claim is the case of Ireland. This is a false claim and most observers recognise this. The promissory note for the state to save private banks holding Dutch and German debt is too heavy a burden to carry in the short term. Faced with ruinous options the Irish would willingly dump the Troika in the Celtic sea and reprint its own pound. So to keep the ship afloat, the “Austerity Bed” has been softened a bit for now.
It was summed up recently by financier George Soros, “The euro crisis has already transformed the European Union from a voluntary association of equal states into a creditor-debtor relationship from which there is no easy escape. As a result, the crisis is now threatening to destroy the European Union.” He went on to claim in a der Spiegel interview that Germany might consider being outside the Euro. “The situation is deteriorating and in the longer term it is bound to become unsustainable,” Mr Soros pronounced.
Wow! Is the chancellor contemplating joining the C.N.S.? A new London - Berlin Alliance? Never!!!
Meanwhile British leader of Confederate Nation States, David Cameron, met German chancellor Angela Merkel to plan a future strategy with the US over economic re-growth. Are they making it up as they go along! Experimentation is fine as long as anarchy stays in the bottle, for stylish anarchy has its dedicated followers. But it is not as such. The march to construct pan European parties and alliances is started. More Europe, Less Europe, No Europe, Just Europe, new parties on the block, there is all to play for.