matter of time

Throughout the eurozone crisis, time has been of the essence, while EU leaders have been fighting against the markets, they have been fighting time which they cannot preserve. Each summit, meeting or plan they have produced has been solely to buy themselves time, for a variety of reasons, not least for the stronger currencies of the eurozone to get their own houses in order.

George Papandreou’s call for a referendum was a lost cause before it even got off the ground. The idea of democracy ‘coming home’, sounds all well and good, until you realise that Papandreou is a politician not unlike those in Westminster. Do not be surprised if David Cameron is holding his own ‘get out of jail free card’ close to his chest in the form of a referendum on Britain’s place in the EU, for the security of his own premiership is not guaranteed but unstable.

Papandreou’s supposed show of strength in calling the referendum, had been diminished by his summoning before Merkel and Sarkozy. It is obvious that even were the referendum to be held whatever the question, EU politics dictates that a vote against the EU’s wishes will be dismissed.

The fact that exit of the eurozone has now been talked about by EU leaders, is not an end in itself, it was always possible if events required. Merkel and Sarkozy using it as a threat was only to bring  Papandreou into line.

The endgame is just a matter of time, for now I think that the eurozone in whatever composition will survive for some time longer, like trying to keep a  bicycle with two flat tyres going, those with much to lose if it fails will keep the show on the road for as long as possible.

 

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