It’s hard to be optimistic about any solution in Europe if you listen to what top European leaders are saying today.
First, you have ECB boardmember Carlos Costa saying that the Eurozone was better off than the UK and the US, because external debts were lower. Sorry, but external debts have zero to do with the current crisis. Nothing. It’s all about the lack of sovereign currencies, which the US, UK (and Japan) have, and which nobody in Europe has.
And then outside of the Eurozone, David Cameron is making similarly nonsensical comments to defend his failed austerity plan. During his Prime Minister’s Questions, he was asked about a fresh batch of horrible jobs data, to which he responded: Look at what’s happening in Greece; you can’t possibly think that the UK needs to spend more money. So obviously Cameron thinks the UK could end up in the same situation, not recognising Britain’s distinct monetary advantage.
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