Greece cannot move on because buying time stops the clock

When Eurozone finance ministers agreed a 130-billion-euro bail-out for Greece yesterday, Eurogroup chairman Jean-Claude Juncker described it as  “a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing, and hence for safeguarding financial stability in the eurozone”. It is no such thing. It will do nothing but buy a little time. In any case, how can you solve a debt crisis by piling on more debt?

It may be true that no country can devalue its way to prosperity, but at least if Greece were to default on its debts and leave the euro it would  recover its sovereignty and autonomy. As things stand, the birthplace of democracy is being run by unelected EU technocrats.

Maybe Greece deserves this for lying and cheating its way into the Eurozone in the first place, but make no mistake – buying time simply stops the clock for Greece and leaves it trapped in today’s privation and austerity. And it is being deprived of the wherewithal to do anything about it.

About thespeedofdark

David Winship has written an unauthorised autobiography and several critically disdained literary tomes. His work is frequently compared with Steinbeck, Orwell and Hemingway, but unfortunately Mike Steinbeck, Daisy Orwell and Howard Hemingway were all terrible writers. He has been totally overlooked for the most prestigious literary awards worldwide, which is a shame as most of the words are spelled correctly. In fact, his books contain material that ranks with the finest literary works in history: all the right letters are there, just not necessarily in the right order.

Dave’s blog (The Speed Of Dark Blog) is part of his crusade for truth and justice and universal entitlement to free real ale. It may well be that his whole purpose in life is to serve as a warning to others.

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