Thursday, 26 May 2011

Adding up the DT headlines cuts the Greek Gordonian knot

There were three headlines in today's DT business with Greeks or Greece in the title. The first is 'Greeks pile into Mayfair' and the second is 'Greece faces forced "return to the drachma"'. That tells it all. Greeks with money are getting it out of the country to invest in top end pied a terre flats in London as are those from Italy and Spain. These nationalities account for 36% of such flat purchase according to up market estate agents, Savills.

The rich citizens of the PIGS have lots of lovely Euros their tax authorities don't know about. Those who pay tax in these countries are regarded as lacking in intelligence. Tax evasion is the only game in Club Med. So its scarcely surprising that senior Greek official Maria Damanki the EU Commissioner for Fisheries appointed by the ruling Socialist is quoted as saying, "The scenario of Greece's exit from the Euro is now on the table, as are ways to do this. Either we agree with our creditors on a programme of tough sacrifices or we return to the drachma. Everything else is of secondary importance"

I suggest Ms Darnaki that you try and get your rich Greek tax avoiders to pay their share before asking the poor for sacrifices.. They have revolting habits and you might find your have to stay in Brussels for your own safety. Second, I suggest you clear your thoughts with Madame Lagarde and Dr Frau Merkel. They don't like such defeatist talk! You may soon sleep with your fishes!

I would be interested Ms Darnaki if you could post details of your Euro exit strategy. I have just written a short piece for the website

on how difficult it will be to leave the Euro something that the third large article by Jeremy Warner entitled, "Only option for Greece is to leave the euro", fails to address in two full columns. Its a pretty decent piece and well worth a read. I agree totally with his conclusion., What a mess!

Well onto UKIP matters and as always click here to see and hear my take on Bannerman's statement

Richard North's critique is at


Richard said...

Edmond ... get yourself a blogroll ...

Edward Spalton said...

Don't underestimate the power of political determination in the clique which runs the EU. They can keep the euro going longer yet.

Hjalmar Schacht of the Reichsbank was astonished at the effectiveness of political determination to keep the German economy going against all the conventional wisdom of the banking fraternity.

Eric Edmond said...

Dear Mr Spalton,

You are so right! They will go on until the tanks are on the front lawn! The bond market is the most powerful force on earth and eventually the Eurozone will succumb. There will be a huge amount of collateral damage to the innocents.

Eric E

I do not understand Richard's comment