tag:blogger.com,1999:blog-36227136.post7265093759908661467..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: Is the ESM another €700bn bazooka pointed in the wrong direction?OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-36227136.post-23178084687148016802011-05-23T16:27:42.875+01:002011-05-23T16:27:42.875+01:00Gavin: yes, it will be to our benefit to have a fu...Gavin: yes, it will be to our benefit to have a functioning Euro. We will get this as soon as all the non functioning economies have dropped out: Greece, Portugal, Spain, Italy, Ireland, Belgium. Then the euro will strengthen, the French will drop out, and we will be left with a functioning Euro.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-26929778978790916542011-05-23T14:01:16.223+01:002011-05-23T14:01:16.223+01:00@Gavin: first, thanks to Alistair Darling and mis-...@Gavin: first, thanks to Alistair Darling and mis-use of Article 122 of the EU Treaty, we have guaranteed several bailout loans to the tune of many billions of pounds. So if there are defaults we will indeed have to pay up. <br /><br />Second, it's not in our interests for some of our main trading partners to be locked in long-term austerity and recession, which is all the euro can now deliver for many of them - as was always predicted would be the case for euro members in the event of an economic downturn. <br /><br />There's simply no such thing as a "well-functioning euro". It's an inherently dysfunctional concept on our diverse continent and has always just been about outdated 1950s superstatist politics.<br /><br />Along with growing evidence of the failures of other flagship centralised EU policies like the CAP and CFP, it's time there was proper mainstream debate about whether the entire EU concept is now bankrupt and needs root and branch replacement.MikeHnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-83585379437262233992011-05-20T13:43:50.751+01:002011-05-20T13:43:50.751+01:00Don't worry Rollo - you are not in the eurozon...Don't worry Rollo - you are not in the eurozone, so you won't have to give anything - although you probably should since a well-functioning euro is very much in Britain's interest.Gavinnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-77340809477147443382011-05-20T12:24:36.923+01:002011-05-20T12:24:36.923+01:00The ESM is a device which allows for debt to be ta...The ESM is a device which allows for debt to be taken on, to be paid back eventually by European tax payers when the supported states fail. The market will no longer buy these bonds. Only a bad bank would buy them. So the EU will force us to take on the risk with no chance of repayment, and with no benefit to us. The guaranteeing of this debt undermines our credit rating and thus puts up the interest we have to pay on our own HUGE BROWN INDUCED DEBT.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-71824435315335000182011-05-20T12:17:36.720+01:002011-05-20T12:17:36.720+01:00YesYesRollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.com