The long flight from Australia should give David Cameron plenty time to think about
Europe, and how it just won’t go away. He didn’t want this battle — not now, not ever. But in the Daily Telegraph today, the first in what will
be a weekly column, I lay out the battlefield that awaits him on his return.
First, this bailout is not the end. A trillion Euros needs to come from somewhere, and today the Chinese are being tapped up — God knows what we’ll agree to in return. But that doesn’t address what is, as Mervyn King has said, a solvency issue rather than a liquidity issue. And the tighter these Eurozone countries squeeze together, the more tension we can expect.
Merkel is right to say that we should not take another 60 years of peace in Europe for granted, but she misses the point that the Euro might as well have been designed to engineer an economic kulturkampf, of the hard-working, high-saving northern states against the manana manana southern states. Greeks
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