ANGER was the emotion I felt when I heard that Greece had been granted 130 billion euros to stave off bankruptcy.
The EU president, Jose Manuel Barroso, says the bailout demonstrates the EU’s solidarity with the Greeks.
Rubbish!
It only demonstrates the EU’s overwhelming self interest.
This is a political fix, not an economic one.
And I believe it’s immoral.
This is not a stimulus or rescue package for a country on its knees.
It’s about postponing the inevitable default, which would spread to other eurozone countries like wildfire.
Like dominoes they’d fall and the ‘federalist nightmare’ – as I call it – would be over.
That’s why Europe’s political elite will perform ever greater contortions to keep members inside.
Of the 130 billion euros promised, 100 billion will repay European institutions and 30 billion will recapitalise Greek banks.
In other words, none will go to the Greek people.
The Greeks are reportedly enraged by the Germans, who are insisting on harsh austerity measures.
Their fury is understandable.
This bailout is not like the generous American Marshall Plan, which sparked an economic miracle out of the ashes of post war Germany.
Nor is it a true bailout.
All of it must one day be repaid, unlike the bailout given to Germany in 1953 when it defaulted.
At that time, and rather ironically, Germany’s war reparations to Greece were also reduced.
In contrast, every penny Greece spends will be subjected to outside monitors, based in Athens.
And, whether the Greeks like this medicine or not, they’ll have to stomach it, because the EU will be running their country.
This, remember, in the very birthplace of democracy.
Make no mistake, Greece is being sacrificed by self-interested politicians, who should hang their heads in shame.
And when Greece can’t meet the conditions imposed on them, guess what they’ll do? Ask for more money!
This ridiculous bailout betrays us all.
It will end in tears.