UK households to pay £14,000 each for Greek tradegy?

If the article by Andrew Malone in today’s Saturday Daily Mail is even 50% accurate, the Greek Economy is finished as a member of the Euro. It was entitled “The Big Fat Greek Gravy Train” A special investigation into the EU funded culture of greed, tax evasion and scandalous waste. It suggests that each UK household could have to pay £14,000 each towards sorting out Greece’s existing debts, this is before Portugal, Spain, Italy and the Republic of Ireland potentially cost all UK citizens even more if and when they also end up defaulting on their debts.

Having read the entire Daily Mail article in the newspaper, all it did was confirm everything I have read and heard about the current state of the Greek finances, and that they are unsustainable. Better Greece goes bust now, that in two years time when they blow another £100 billion Euros. We don’t want to pay more than £14,000 each if we don’t have to.

In my totally uneducated opinion Greece needs to default now and go back to the drachma. No wonder Sir Mervyn King, the Governor of the Bank of England is strongly advising against giving Greece any more EU money and calling for an audit of Eurozone Crisis Risk. Everyone knows not to throw good money after bad, even if there will be a domino effect and other countries will follow.

The only way out for Greece and any country (including the UK if necessary) is re-valuation back to affordable levels rather that propping up financial systems that will collapse harder, deeper and further if we all don’t face the reality of over spending and living beyond our means.

If we need examples of this within the UK, just look at the majority of professional football clubs living beyond their means, spending way more than their income in a desperate big to be successful. Even successful business models can become too old, or improved, just look at Habitat and Ikea. Habitat is in administration, as Ikea learnt to do a similar thing better, cheaper and smarter. In the same week Moben and Dolphin kitchens in administration too!

Sorry folks, but bad financial times are coming, so better we all pay now, that later when the damage will be greater. The rich will always find a way of getting a lot of their wealth off-shore, as have the means to do it. It will take strong leadership to get us out of this Global crisis, but sadly all we have is politically correct parties bowing to public opinion, rather than doing what is in both the country’s and public’s best long term interest.

Cutting out a cancer when it is small can often save a patient, leaving it and hoping radio therapy will avoid an operation is how the EU seems to be treating Greece. If in doubt, cut it out!

Yes, I, we are right to be fearful of the economic backlash of letting Greece go bust, but fear of another recession is not a reason to go on spending on a lost cause. We will all survive another Global recession, but may not survive a Global crash that could lead to a breakdown of society and the rule of law. I say we cut our losses and be grateful for having food on the table and a relatively free democracy. What say you?


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