Eurocrats have lost all credibility on this subject. Every single bailout, including this one, was preceded by sonorous assurances that it wouldn’t happen.
The underlying financial situation, we kept being told, was strong. Only last month, the President of the European Commission, José Manuel Barroso, declared that the euro crisis was over.
Yet again, the ‘experts’ have been spectacularly wrong. Not only the Eurocrats, but the central bankers, the economics graduates who write for the Financial Times and all the other clever-clogs who backed the bailout-and-borrow racket have been awry in their predictions.
Meanwhile, the eccentrics who kept their money out of banks, the handful of Austrian School economists and the bearded survivalists who kept telling us to buy gold have been proved right.
Our masters in Brussels are prepared to immiserate the continent rather than allow an orderly unbundling of the euro.