Bank Myth 5

Not exactly a myth but   writes in the Telegraph about the Greek bail-out..

If you think this deal sounds complex, and the main idea seems to be obfuscation, then you’re right. But this is what happens when monetary unions are exposed to serious systemic pressures and financially-illiterate politicians make ever more desperate attempts to resist the ultimately unavoidable logic of basic economics.

To be even more blunt, the Greek crisis is not solved only postponed and like most unpalatable things put off to another day, it will only get worse, not better.

The myth is actually the announcements that the Eurozone is solving its problems. But don’t be too smug; the UK pound has not improved in value against the euro in spite of our political leaders constant refrain about the only course of action being austerity.
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About robthill

I am semi-retired ICT Staff Tutor in Dundee, Scotland and an online facilitator. The views here expressed are my own somewhat quirky feelings about the world as I see it, no doubt just as prejudiced as most other bloggers.

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