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Originally Posted by jfman
I'd be hugely interested to read on how the mass privatisations of the 1980s and 1990s were all companies that previously existed in the private sector. But I think that's for another thread.
Generations are indebted because of the generations who went before them and the political choices to not address the debt and pass it down. Oddly, the generation that benefited the most from selling state assets wants to bypass responsibility for the debts it didn't address. Completely unsurprising, but masquerading this as a sincere or noble duty to 'balance the books' is laughable.
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The concept of European Monetary Union restricts the ability of single member states, yes, that's because these countries don't have the full range of fiscal powers due to handing them over as part of joining the Euro.
That doesn't defeat the general premise that all state funding comes from taxation or borrowing. Or selling off the state assets I suppose to put coal miners on the dole!
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The EU DIDN'T restrict the borrowing of those countries.
All the EU would be able to do is "fine" those countries.
The bond markets wouldn't buy their debt, NOBODY would lend them anything.
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Dublin returned to international bond markets on Thursday with the sale of a five-year bond, marking the country’s first new issue of long-dated debt since it was forced out of international markets in September 2010.
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