Its official ”“ Spain and Portugal will need to be bailed out soon. How do I know? In one of my favorite TV shows, Yes Minister, the all-knowing civil servant Sir Humphrey explains to cabinet minister Jim Hacker that you can never be certain that something will happen until the government denies it.
–From Michael Pettis.
Thanks to the last commitment given to the EU by the last Labour government, made after they lost the election and while Gordon Brown was refusing to get out, we will no doubt have to reach into our pockets to bail these countries out, as we have for the Irish. Thus we continue to support the Euro and its zone, which we are not even part of.