Brendan Keenan: Eurozone approach to bailout crisis a fantasy
'ONE can't believe impossible things," Alice tells the queen in the Wonderland story. To which the queen replies: "I dare say you haven't had much practice. When I was your age, I always did it for half an hour a day."
Just like those who run the Eurozone. However, they have insisted on believing impossible things for two years. Reality is now catching up in a terrifying way.
The first belief is that no Eurozone country can default on its debt. The second is that there must be no financial assistance from one Eurozone country to another. It might be possible to hold either of these beliefs on its own. The two together are an impossibility that now threatens the whole edifice.