Douglas Carswell's Blog

Default is coming ....

Five months ago, I forecast that default within some Eurozone countries was going to happen. 

Indeed, I suggested Britain ought to encourage certain countries to default - and decouple from the Euro - rather than piling up and parcelling out yet more debt. 

How did I come to such a view?  With debts rising faster than GDP in certain member states, I suggested that default was becoming a matter of maths, regardless of any politics.

The Economist's Bagehot wrote this slightly sneering piece attacking my suggestion that Ireland and others might decouple from the Euro and default on their debts as "crackers".  I'm not sure the Economist always understands economics quite as well as their name implies.... 

I wonder if they think it's looking quite so crackers now?

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