No-one forced the Eurozone to jump to the defence of its banks that had lent money to Greece.
Let's cut through the ******** here - the Greek bailout was not a bailout for Greece, it was a bailout for all the largely German, French and Dutch banks that had loaned Greece money, and needed paying guaranteed and via the Greek taxpayer.
Had they not been so obsessed with the dogma of ever closer union and been willing to accept that they had screwed up and amputate the limb, rather than refuse to on the grounds that it would show that Euro membership were not permanent and immovable, things would perhaps have been different.
See Iceland for what happens when a nation state doesn't make itself a slave to the private sector - it does rather well in the medium term.
The private sector messed up when it made those loans, banks should've folded as a result rather than being propped up by the taxpayer.
That's been the major problem with the Euro farce; zero risk to bankers as when the private sector have made mistakes the taxpayer has jumped in to rescue them rather than risk the ideological experiment.
The private sector has zero excuse for not doing its homework and seeing Greece as the basket case it was, and Germany certainly showed no hesitation when its banks were essentially loaning Greece money to buy Germany's exports.
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Quote:
Originally Posted by Matth
hang on, didn't we already sell a large part of our gold reserves at a low, to prop up this artificial invented currency before.
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Gold was sold because the worldwide banking system had made the wrong bet on where gold prices were going to go and our dear Chancellor of the time decided to lower the gold price to keep them afloat by selling our reserves at a rock bottom price.
Basically the entire UK took a hit to keep rent seeking *******s who add nothing to the global economy in terms of actual value wealthy. Good isn't it?