There’s something reminiscent of Britain in the 1970s about what’s happening on the streets of Athens at the moment. Indeed as Britain’s debt deficit nears overtaking Greek levels, as it is predicted to do next year, it seems only sensible to reflect upon what the current crisis in Greece means for the UK. For those who have opposed Britain’s entry into the European single currency there is a clear element of vindication. Had Greece not been part of the Euro zone it could have devalued its currency and avoided at least some of the current financial catastrophe. With an ever spiralling national debt Britain could have found itself in a similar fiscal straightjacket if she had have been part of the euro zone.
Secondly; as the European Union and IMF prepare a bailout for Greece worth £39 billion this year and £104 billion over the next three years we should remember that if we were now a member of the Euro zone Briton’s would be in the same position as German’s now find themselves; footing a hefty bill for Greek excesses and monetary irresponsibility. What comes as perhaps the biggest insult to the injury now to be endured by Europe’s more prudent economies is that the Greeks, whipped up into a socialist fervour, have taken to the streets to riot against the austerity budget that is the only thing that has any hope of curing their situation. They loudly chant their opposition to the conditions being set by the IMF for this hugely generous bailout, seemingly and exasperatingly oblivious to the fact that it was the socialist style welfareism, bloated bureaucracy and addiction to borrowing that put Greece in the appalling situation where it currently finds itself.
And thirdly, as if perfectly timed to coincide with the election in Britain, what is happening in Greece should really make British voters stop and think before deciding who to vote for. As Gordon Brown accuses the Conservatives of masterminding an emergency budget full of spending cuts that he claims would threaten the supposed ‘recovery’, voters should remember that where the Greeks are today is the necessary end point of the kind of budgetary deficit run up by the spending policies of the likes of Gordon Brown. In the mind of the intelligent voter only those pledging to unflinchingly slash the deficit should be eligible for support. Furthermore as both Brown and Clegg accuse Cameron of alarmist and irresponsible Euro scepticism we should remember that had we been as integrated into Europe as their two parties would have liked then we would at best now be in the position of the bailout paying German’s and at worst in the situation of the crisis ridden Greeks or Spanish.
Let’s hope the voters can see just a little beyond the end of their noses to that not so far off place where they go for their low cost holidays.
Secondly; as the European Union and IMF prepare a bailout for Greece worth £39 billion this year and £104 billion over the next three years we should remember that if we were now a member of the Euro zone Briton’s would be in the same position as German’s now find themselves; footing a hefty bill for Greek excesses and monetary irresponsibility. What comes as perhaps the biggest insult to the injury now to be endured by Europe’s more prudent economies is that the Greeks, whipped up into a socialist fervour, have taken to the streets to riot against the austerity budget that is the only thing that has any hope of curing their situation. They loudly chant their opposition to the conditions being set by the IMF for this hugely generous bailout, seemingly and exasperatingly oblivious to the fact that it was the socialist style welfareism, bloated bureaucracy and addiction to borrowing that put Greece in the appalling situation where it currently finds itself.
And thirdly, as if perfectly timed to coincide with the election in Britain, what is happening in Greece should really make British voters stop and think before deciding who to vote for. As Gordon Brown accuses the Conservatives of masterminding an emergency budget full of spending cuts that he claims would threaten the supposed ‘recovery’, voters should remember that where the Greeks are today is the necessary end point of the kind of budgetary deficit run up by the spending policies of the likes of Gordon Brown. In the mind of the intelligent voter only those pledging to unflinchingly slash the deficit should be eligible for support. Furthermore as both Brown and Clegg accuse Cameron of alarmist and irresponsible Euro scepticism we should remember that had we been as integrated into Europe as their two parties would have liked then we would at best now be in the position of the bailout paying German’s and at worst in the situation of the crisis ridden Greeks or Spanish.
Let’s hope the voters can see just a little beyond the end of their noses to that not so far off place where they go for their low cost holidays.
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