The Euro summit is underway now, and I’ve spoken to a few of my better-informed contacts about it. Here are some thoughts:-
1) The bailout model they’re meant to agree to in Paris does, indeed, seem to be that of Sweden ‘92. It’s being called that in France and Germany, but you can bet Brown will be calling it the British/Brown Model – he’s on a relentless mission to make political capital out of this.
2) It is worth someone (like Cameron) pointing out that the UK is probably in the worst position of the EU countries. Not only were our banks the most over-extended but our household debt is the highest any G7 country has already seen.
The UK was the most exposed, led into debt by a spendthrift government. This is crucial, absolutely crucial, to understanding the depth of our problem.
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