The greatest legacy of New Labours 13 year reign is that they kept us out of the Euro – albeit by fluke because Tony Blair was elected on adopting the Euro and it was central to his ambitions – but he was scuppered by Gordon Brown out of spite and not for any economic or other sensible reasons.
This is to our great advantage because the single currency has been a disaster with no serious UK politician now arguing that we join despite the universal clamouring for it just a few parliaments back. The Euro will continually impoverish Southern Europe and ultimately it will fail – ‘just not on my watch’ being the mantra of all incumbent European policy makers.
And it could be Greece that hastens this failure – especially since for all its posturing about re-negotiating their loan, Greece has nothing to offer in return and this might see them default and leave the Euro.
Which must be bloody tempting for the Greeks because it will write off the hundreds of billions of euros that Greece owes – not such a hardship for Europe because they are about to print 60 billion news euros every month anyway. Imagine the power of the Eurocrat when they can just decide to magic more money out of thin air – but the real worry for the Eurocrats is not that the Greeks might leave – this will be irksome but not an insurmountable problem – but the real fear being that the Greeks might prosper outside the Euro and then the Euro vain glorious project will be well and truly over.
All eyes on Greece then.
Just as it was in the 70’s – Grease is the word.