Wednesday, 10 February 2010

P.I.G.S. in trouble

The PIGS are not our porcine friends, but Portugal, Ireland, Greece and Spain...the 4 weakest economies in the Eurozone.
One of their number, Greece, is defaulting on its debt, and approaching bankruptcy. Only the Germans can save Greece, we are told, with another bail out. The Euro does not seem such a great single currency after all - as our ability to navigate our way of the Brownian fiscal mess is at least aided by our ability to cut interest rates and control our economy.
The financial mess we are in would be worse if we were stuck in the Eurozone - as even my good friend Lord Mandelson, that arch-Europhile acknowledges. We are better with control of our interest rates and economy, rather than being a Euro job lot at the whim of an unelected banker in Brussels.