John Bufton MEP

9-2-10

Greek Dream in Ruins

It can be of some reassurance to the British that we never joined the Euro. It seems

assurances of strength through solidarity couldn’t be further from the truth. The question is whether this spells the end of the Euro.

What began with worries about the solvency of Greece has grown into a test for all16 nations involved. The problem is who pulls the purse strings. With little fiscal coordination, and no treasury, membership to the Euro is by no means an economic elixir.

It turns out that when it all turns sour, nobody wants to bail you out. Instead they take the opportunity to seize greater control while you’re on your knees. We must wait to see how the people of Greece react to becoming an economic protectorate of the European Union and whether it will bring civil unrest. Is this really the European Dream? Who is next ? Spain? Portugal? Italy? Or Ireland?

It’s rather like the ethics of a big insurance company. You pay out every month in good faith but when the crunch comes, the help disappears.

Perhaps Member states, and especially the Eurozone states, should think long and hard about the here and now before turning attention to talks on Economic Policy post 2020, when there might not even be a Euro to protect.

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