The Greek government has announced yet more government job cuts in the crisis-hit country. Of course this is but a temporary measure. The real problem is the Euro and the chains that bind Greece. With more job cuts will come more voices of protest and more calls to defy Brussels.
But it is Brussels that has the power.
One has to ask whether the Greeks really knew what they were letting themselves in for. By joining the Euro, they should have known they were handing over the levers of economic policy to an institution they cannot vote in and cannot vote out. This may be good in times of plenty but, alas, these do not last forever.
That’s relativity for you. The good times feel like they last for minutes, the bad last for hours.
Let’s be clear – the haircut in Greece will not solve its crisis. Its crisis is one felt across most of Southern, and soon, Eastern Europe.
To end on a rhetorical question, but, how many jobs will have to go before the EU realises the folly of the Euro? I fear the Eurocrats will only change their tune when their own jobs are at risk. Rather than wait for that, we should just Get Britain Out of the EU.