Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
They don't have to be in the EMU to be in the EU. While territorial disputes might involve a minor loss of territory or symbolic defeats, at worst, that hardly compares with having your economy looted. My recommendations, not that they matter, would be to proceed with a maximally beneficial restructuring of the bonds unilaterally, combined with the issuance of a new local currency.

They should court Spain, Portugal and Ireland, along with other new EMU entrants, with the proposal to have their own monetary union that functions along the lines Yanis Varoufakis has sketched out, but supplemented with a PIGS' Central Bank and a transfer system. They might find themselves confronted with other countries clamoring to join. But, in order to be successful, they would have to find some practical way to insure against the neo-liberals taking over the PIGS' Central Bank.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere." (But it helps!)

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jun 8th, 2011 at 02:35:15 PM EST
[ Parent ]
They don't have to be in the EMU to be in the EU. While territorial disputes might involve a minor loss of territory or symbolic defeats, at worst, that hardly compares with having your economy looted.

If you lose territorial sovereignty to "international investors," you can Putin them at a later date. If you lose territorial sovereignty to Turkey, you will not get that land back this side of a serious shooting war.

But, in order to be successful, they would have to find some practical way to insure against the neo-liberals taking over the PIGS' Central Bank.

Enshrine its financial stability mandate and its full subservience to Parliament in the treaties. Explicitly enshrine in the treaties that the financial stability mandate supersedes any price stability concerns.

If that's not enough, then there is no solution short of lining up the neoliberals against a wall. And I'm not all that convinced that I'd prefer that.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Jun 10th, 2011 at 04:30:12 PM EST
[ Parent ]

Display:

Top Diaries

The Killing of Jo Cox

by Frank Schnittger - Jun 17
24 comments

Nostalgia Isn't What It Used to Be

by gmoke - Jun 15
5 comments

Long tunnels

by DoDo - Jun 12
23 comments

What 9/11 liberals ignore

by DoDo - Jun 5
68 comments

Developments in Austria

by generic - Jun 8
1 comment

The arsonist party

by fjallstrom - Jun 8
1 comment

Recent Diaries

The Killing of Jo Cox

by Frank Schnittger - Jun 17
24 comments

Long tunnels

by DoDo - Jun 12
23 comments

Developments in Austria

by generic - Jun 8
1 comment

The arsonist party

by fjallstrom - Jun 8
1 comment

The tragedy of Hillary

by DoDo - Jun 6
47 comments

What 9/11 liberals ignore

by DoDo - Jun 5
68 comments

France on Strike

by John Redmond - May 30
37 comments

Böhmermann

by DoDo - May 29
11 comments

A Tale of Two States

by Frank Schnittger - May 26
20 comments

Edmund Burke for Socialists

by ARGeezer - May 25
22 comments

More Diaries...

Occasional Series