The Euro

A fascinating debate on Jeff Randall Live this evening with Desmond Lachmar of Georgetown University stating that in his view if he were advising Greece, Portugal and Ireland he would tell them to default and leave the euro as from their point of view that was the only way their economies could recover. He went on to say that if he were advising the Germans and French he would tell them to do everything to keep Greece, Portugal and Ireland in the euro since the consequence of allowing them to default would be disastrous for the German and French banks who had over invested in Greek, Irish and Portuguese bonds. Interesting also to see that Boris Johnson had an article today in the Daily Telegraph advising the Greeks to default, that one of Guido Fawkes's blogs today names some of the great and the good of British politics who were guilty of supporting Britain's entry into the euro and that Daniel Hannan's blog this morning complains that despite the fact the the terms of the Greek bail out have made Greece's state worse not better the careers of those eurocrats who have been involved in the Greek affair will not be destroyed. When is common sense going to prevail on the euro issue?