Thursday 22 February 2018

Treaty truths

• The first thing trainee bankers learn is that if you lend someone more money than they can repay then you both have a problem.

Germany insists that in the euro crisis only the borrowers have a problem. Our banks were foolish lenders and lost the money that the cautious German banks wisely loaned them. We therefore must repay the wise and cautious German banks.

Only a German sense of charity and 'Europe' is causing them to try and help the borrowers make their repayments through short-term loans from the ECB.

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