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EU elite must face up to their part in Greece crisis

Published 16/07/2015

It really is a bit much that various EU leaders talk about Greece having to "rebuild" trust. What about the trust those leaders have to rebuild with the Greek people and the people of Europe?

Still the EU elite refuses to face responsibility for their own mistake in 2010 and the mess it led to, when the eurozone group forced Greece, then Ireland, then Spain, Portugal and Cyprus to link their banking debt to national debt.

The consequences of that stupid decision, presumably made at the behest of banks like Goldman Sachs, has led to the current mess in the eurozone.

Their failure to lead properly, not how badly Greece is run, directly led to the breaking of the bond of trust the EU had with the citizens of its member states, who can no longer be under any illusions that there is any notion of European solidarity.

Greece could have walked away from the eurozone on the quite legitimate grounds that its debt burden was simply too much and no amount of reform was ever going to make the debt sustainable.

The irony is that, if it had, this would have meant all the debts of the German and French banks that the leaders of those countries had tried so hard to avoid being paid would immediately fall back on the taxpayers of Germany and France, meaning all the damage done to the EU and eurozone would have been for nothing. While Mr Juncker and Ms Merkel and Ms Lagarde return to the plaudits of the money men, a little bit of humility to acknowledge that Greece has saved the eurozone wouldn't go amiss.

It could be the first step in the EU elite starting to undo some of the damage they have done to the EU's standing.


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