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Rats and Sinking Ships

Stricken Iceland sends out financial SOS - Times Online
Financial turmoil has led to renewed calls from labour unions for Iceland to join the EU and adopt the European single currency

Every country for itself as European unity collapses in an attack of jitters
Germany shattered any semblance of European unity on the global credit crisis last night by announcing that it was ready to guarantee €568 billion of personal savings in domestic accounts.
The massive liquidity crisis in the banking system has already nudged the Irish Republic and Greece into unilateral – and probably illegal under EU law – action to guarantee the deposits in national banks. Faced with a choice between the possible collapse of their banking systems and violating EU competition rules, the two countries opted for what they saw as the lesser evil. Now Germany, which at the weekend rejected French plans for an EU lifeboat fund, has taken the decisive protective step, and it is said to be plain that other European states will have to follow suit.
Early today the Danish Government guaranteed all bank deposits in Denmark ...

EU Referendum: Oh shit!
...if they do decide to throw way the rule book, the game is over, The EU is on its way out. After all, if the rules are useless for a crisis, what use are they at all?

Comments

Now now, EU Referendum should stop being silly. The rules are fine so long as they don't inconvenience France, Germany or Italy, in which case they get put to one side without a moment's hesitation.

"if the rules are useless for a crisis, what use are they at all?"

I suppose I'm glad some good at least came out of this mess over here.

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