“What the Greek election means for the eurozone” de Andrew Lilico (Telegraph blogs)
“The authorities are running out of hope and bereft of ideas. Every plan involves getting the French and Germans to pay everyone else’s debts. The sheer lack of imagination, the stubborn refusal to engage with or propose any option other than more and more and more bailouts until the thing goes pop, suggests that ultimate disorderly collapse is now more likely than not.
That path would destroy the euro – the French would have to withdraw because they can’t afford it and the Germans would withdraw because tomorrow’s Germans wouldn’t be prepared to do it. There is, however, still a way out. Each country, each bank, each corporation, each household must be responsible for its own debts. If, at the last, we can still remember this fundamental principle, we can still escape“