Wednesday, October 16, 2013

How to get an EU bailout

From today's Open Europe news summary:

In an interview with the FT, Finnish Prime Minister Jyrki Katainen refused to rule out supporting further eurozone bailouts if the situation was “hopeless” and insisted he remained “pragmatic” on the issue.
So, all a member of the EU needs in order to secure a bailout is to make itself hopelessly insolvent. NO PROBLEM! This is the fatal flaw in all welfare programs, whether they apply to individuals or entire nations; i.e., the welfare recipient himself has complete control over the process. He can easily place himself in a hopeless position or, as is the case for both individuals and nations, falsely claim that he is hopeless.

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