Friday, 28 October 2011

Shameful European Leaders

In today’s news: “AP - The chief of Europe's bailout fund visited Beijing on Friday to discuss possible terms for a bond sale aimed at raising money from China and other non-European investors”.

After months of protracted squabbling over how to solve the Greek problem, all that Sarkozy and Merkel could come up with was a convoluted scheme that involves begging support from one of the remaining communist dictatorships – China.

To realize how outrageous their incapacity was, one must recall that the haircut or debt forgiveness that Greece, Ireland and Portugal needed at the start of the crisis was about 140 billion Euros, that is, the equivalent to the European Union budget for one year.

To understand how shameful it is to rely on the support of a non-democratic country, it is important to remember that China does not have a fully convertible currency, ranks 7 and 6 respectively in terms of political rights and civil liberties in the Freedom House index (a classification worse that of Iran and Rwanda) and according to Amnesty International is by far the country with the worst record in terms of executions which remain a state secret (again worse than Iran).

This is a dark episode in the history of European integration, and a shaking foundation for the future of the Euro as a currency.

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