Oisín Mac Giollamóir explains European politicians’ ongoing failure to avert crisis
The great experiment of the European Union has continued its bizarre march into oblivion. I wrote the ‘unhappy economies’ article in the last issue of The Commune in early August, shortly after the Greek ‘bailout’ of 21st July. Since then much has happened… but equally, nothing much has happened.
First, how has the 21st July bailout worked out? Different for different countries. Oddly, for Ireland, things are looking rosy. The interest rate on two-year government bonds is now just over a third of what it was in late July. This has resulted in some bold confident statements from the Irish government about their achievements that are almost certainly a bit premature. Continue reading “the whac-a-mole approach to fixing the euro”