I see there’s a new scheme for Euroloot: a €300 billion investment fund to save the European economies. Actually it seems there is only €5 billion in real money and Constantin Gurdgiev is properly scathing. It will be interesting to see whether Ireland can make the Clones Sheugh fit within the criteria.
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My sentiments upon hearing of the scheme were that it is as useful as a chocolate teapot (or a canal to Clones!). If the money markets (who are a tad sharper than 99.9% of eurocrats) can’t see the opportunity to make a return at the present moment in time, the EU putting only €5bn of real money up will do nothing. FYI one of my clients (a US multinational) has half that amount on deposit in its Irish domiclied in house bank.
Brian,
There is a very worrying quote on the page at the first link provided above, which IMHO indicates the rot at the heart of Europe (I accept that others will disagree with this):
“Public expenditure should be used for what it is best at doing: funding our schools and welfare systems, not servicing our debt.”
Schools, yes, welfare systems, no. The ideal welfare system is one that does not have to be called upon. That the head of the European Commission believes that the purpose of taxation is to create a welfare system does not bode well for the future of Europe.