No Heroes in Europe As Eurofarce Grinds On

[Valin]

Via Meadia:

3/15/13

 

Readers will be forgiven for rolling their eyes as Greece resurfaces yet again as a major concern for European policymakers, Groundhog’s Day-style. Yet so it does, with the FT reporting today that the next tranche of bailout funds has been delayed due to a dispute over structural reforms—namely, the Greek government’s dragging its feet over laying off several thousand public sector employees. Prompted by this latest policy tussle (and spooked by the results of the Italian elections), EU leaders are openly sniping at each other:

 

(Snip)

 

The existence of the euro itself is at the heart of this dispute. The stimulative measures Hollande and others are calling for would have come about more easily if the southern countries could devalue their own currencies, making their economies more competitive with the likes of Germany. The common currency makes this impossible.

 

(Snip)

 

There are no heroes in this tragic farce, only knaves and fools trying to avoid paying the bill for the dumbest and most expensive policy mistake since the fall of the USSR, a policy that was designed by the Brussels technocracy and implemented by the entire European political class. It is frightening and dull at the same time, and should serve as a vivid reminder to us all of the costs of a failed leadership class.