What am I bid for the Acropolis?

Greece needs to revert to the drachma

Written by Administrator

15th February 2012

In a scheduled speech to the European Parliament in Strasbourg yesterday afternoon, Andrew Brons addressed his fellow MEPs on the possible introduction of European Stability Bonds.

He said:

"When it comes to borrowing money, interest is not the only price you pay. Your creditor or guarantor will demand conditions for the loan.

"Stability bonds might facilitate borrowing, by insolvent countries, by providing a joint and several guarantee of repayment. However, the real price to be paid by the peoples of ailing countries, rather than their governments, will be even more budgetary constraint, which leads to economic depression, even greater unemployment, misery, homelessness and even suicide.

"For Greece, the cradle of democracy, the unelected Commission will determine tax and spending policies that should instead be determined by Greek voters through their elected representatives in their own national Parliament.

"These sacrifices might be worthwhile, if they guaranteed prosperity for the ailing countries. However, they are locked into a currency that is absurdly overvalued for their economies. They need reversion to their own currencies that will devalue and will then produce export-led recoveries."

From http://www.andrewbronsmep.eu/