Luke Baker: Debt -- here's the answer, shame it'll never work
Published 13/05/2011 | 05:00
THERE is a solution to Europe's debt crisis. It's called proper fiscal and political union. The only problem is that Germany, France, Austria, Finland, the Netherlands and quite a few others will never accept it.
For well over a year, Europe's leaders have been coming up with bold, multibillion-euro measures to try to put a stop to the debt rot eating away at Ireland, Greece and Portugal and which could soon affect other member states, such as Spain.
The net result, especially when looked at through the eyes of the financial markets, is no improvement. Ireland and the others are no closer to resolving their problems and the likelihood of a debt default or restructuring has only risen.