Douglas Carswell's Blog

A year of bailouts has failed

Media commentators have a habit of cutting and pasting the lines they're fed by official spokesmen.  This explains why for the past year we've been spun all manner of balls about the bailouts - how they were a "rescue" package, rather than a torpedo.  How they'd cost the lenders nothing, because everyone would get their money back.  How Britain had no choice other than to go along with it all.  Blah blah blah

Meanwhile, in the real world where 2 + 2 must always equal 4, these graphs that show the cost of issuing 10-year IOUs for Greek, Irish and Portuguese debt is much higher today than last May.  

Almost a year to the day after the bailouts began, these graphs suggest we're actually now closer to sovereign default than we were this time last year.  

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