Wednesday 23 August 2017

We must succeed on economy – inside or outside the bailout

IT struck me as odd the first time. Now it has become one of the most commonly asked questions, and doesn't seem odd at all. "Why do we want to leave the bailout?" is the question.

Oddity has been replaced by difficulty. It is not easy to give a convincing answer. At the beginning the instinctive answer was that this was just the way things are done. Just like getting married, when I was in my twenties. It's not really a good enough answer.

The trouble with finding a simple answer is that there are several conceptual difficulties about countries and debt. Why do they bother to repay loans at all? Lenders cannot seize a sovereign's furniture.

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