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David McWilliams: Lunacy of NAMA bailout will tip us over the edge

Published 28/04/2010 | 05:00

Will Britain be the first country to go bust or at least have a run on its currency before, not after, the Olympics?

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Traditionally, countries and cities host the Olympics with great fanfare, expecting great things from tourism and then, when the marathon finishes and the clean-up begins, they are left with a nasty bill. However, such is the 'feel-good' factor associated with the prestige of the games that the bill is rarely presented before the opening ceremony.

But this time it might be different. Britain is in a precarious financial position, but at least it is exceedingly lucky in that it can print its own currency. However, while devaluation saves parts of the economy, it almost guarantees a run on the currency, particularly now that Britain faces a hung parliament.

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