Quote:
Originally Posted by scarlettcontent
it will recover
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Without strict and intelligent non political people running it, this was all inevitable. It's impossible to tie the economies of the North EU with the South EU, unless the South accept a lower standard of living.
They didn't and borrowed to make everything look good. A lot of the borrowed money wasn't spent in the countries of the borrowers, it was spent on goods produced in the North EU. Put simply, Greeks were buying Mercedes. All on borrowed money.
Now the banks are unlikely to ever get their,
our, money back. So the proposed solution is the richer countries,
us, keep pumping money into the poorer countries to save them from collapse and bring down the whole stack of cards.
This problem isn't going to end with Greece. There's Italy, Spain, Portugal and maybe Eire also to consider.
The UK has horrible debts, racked up by a fool who thought the way to growth was to over inflate public spending and not invest in long term businesses and industry. He did think the Banks were doing a great job though.
I say proposed solution. Because the voters won't accept the politicians solution. Our Socialist Care System is designed to look after our own separate countries. Not others.