Brendan Keenan: This is a eurozone crisis, with Europe at heart of the solution
Published 25/11/2010 | 05:00
WHY all the weeping and wailing? When ordinary folk are refused loans by conventional banks, they have to turn to moneylenders, usually at penal rates of interest. Governments, by contrast, can turn to the IMF and get cheaper loans, not dearer ones. Lucky them, one might have thought.
Okay, it's a provocative statement, and meant to be so. But it is also meant to put a pause in the torrent of foolish chatter about the "bailout" which, once again, threatens to deflect attention from reality.
Come to think of it, why is the statement provocative? It is, after all, true.