Douglas Carswell's Blog

Euro reality - the elite are still in denial

Fact 1: During 2011, Portugal must raise Euro 38bn, Belgium Euro 85bn, Spain Euro 210bn, and Italy Euro 374bn (Goldman Sachs report quoted in Telegraph).

Fact 2:  Ireland, Greece, Spain, Portugal and Italy need consumer spending to fall by 15pc for their debts to become sustainable (Centre for Economics and Business Research report)

Guys.  It's over.    

The single European currency has produced ruin, not wealth.  Only political fiat still keeps this fiscal folly afloat.

Britain stayed out of the Euro despite, rather than because of, her politico-mandarin elite.  Even today, our top Treasury officials are only considering policy options that involve keeping the Euro going.  If our mandarinate were up to the task, they'd be thinking in terms of how to allow Ireland and others to decouple from the Euro.

Rather than keep us clear, our top negotiators succeeded in putting us at the front of the line for Eurozone liabilities.  They've made us part of the EU's new system of economic governance at precisely the moment we should fear the consequences of such an entanglement.

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