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GERMAN CHANCELLOR ANGELA Merkel has warned that there will be no “spectacular” deal on the EU’s debt crisis when leaders meet in Brussels on Thursday.
“Those who want to take political responsibility, and that’s what the government wants and takes seriously, know that responsibly there won’t be one spectacular step,” she told reporters today, according to the San Francisco Chronicle. It’s thought Merkel is attempting to dampen growing hopes of one big fix that could draw a line under the spreading crisis.
“It’s entirely about creating a controlled, composed process of gradual steps and measures,” she added. Officials are struggling to agree a package of measures to address a second rescue package for Greece, as well as to counter deepening problems in Spain and now Italy. The Irish government is hoping any deal could result in improved terms for our own bailout loan.
Earlier this week Merkel said she would not even be attending the summit unless a deal was in place. She has insisted that private investors must share the burden of alleviating Greece’s financial problems.
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Yes it will be great with the new punt and devaluation.
We’ll get paid the same amount of punts as we did euros, it’s just a loaf of bread will cost £10 and your life savings will be worth the cost of a weeks holiday in the US.
Devaluation, everyone loses except the debt pigges who gorged themselves on credit.
It will be hard for a few years but the punt coming back could be the best thing. We devalue our currency and get out of debt. Time for the euro to go.
Except that our debt would not be measured in punts. Our currency would devalue all right, but that would mean it would be more expensive to import goods, including fuel, food, electrical and other consumer goods etc. If we brought it back, say at a rate of £1:€1, then the average wage would be £40,000. However, if our currency was then subsequently devalued by, say, 50%, you would still earn £40,000, it’s just in equivalent terms you would actually only be earning €20,000 and that €500 television would then be worth €1,000. A 50% devaluation over an introductory 12-month basis and based on an introductory 1:1 rate would see cost of living double and household income halve. Not a pleasant prospect at all. And instead of owing a possible full £85 billion (€85 billion) we would then owe £170 billion (€85 billion). I’m afraid we’re stuck with the euro. Our only other alternative would be to unilaterally adopt another currency, but not our own, similar to what Kosovo (euro) and Ecuador (US dollar) have done, but I’m not sure how well that would go down either!
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