The EU: a very special union

gdp_economistThe Economist

The economic miracles austerity can produce.

This union can only work as long as one member keeps on paying for bailouts. One member will now need a third bailout, as was disclosed before an election in the payer’s country. Respective person of payer’s country forgot to add that a haircut will have to follow after the election and more.

The union will unravel once one member to the left of the red line will finally decide that having your own currency is the best way for its own people and the economy. This will then be confronted by nasty comments from one country to the right of the red line. Comments that were already heard decades ago.

Precluded to leave is one member: “The difference between Greece and Argentina is that the Greek people are gutless. Greek people are cowards by nature, whereas the Argentines are tough.


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