That’s lovely and shows real solidarity among the impoverished of the euro zone. After they got bailout themselves, Greece and Ireland are going to put on the counter their own part of their own bailout loan to bailout Portugal. Then Portugal, a country seeking now a €90 billion bailout, had to borrow money to give its share and help Greece and Ireland. And so with borrowed money is circulating and does not remain in the pockets of the borrower and be wasted in dark channels and in labyrinth living Minotauruses.
This economic concept helps provide a vivid economy, because if you lend money and the borrower saves it, the money gets molded and dissolvesin its parts. Not to mention the wins from the interest rates by saving. This could be also the solution for the fiscal probelms: countries borrow money, save them in the banks and pay their duties from the interest rates.
Debt in Times of Globalisation
Anyway, there is Daniel Hannan, conservative MEP for South East England, who wrote this article Now Ireland and Greece have to bail out Portugal. Britain must refuse to join this madness. Danile Hannan is a man who thinks that “EU makes its its constituent nations poorer, less democratic and less free.” And bring the example of the Irish taxpayers who will come up for the Portuguese bailout. Hannan blames the Euro as the source and curse “for the debt piled upon debt” and urgently advices the UK to stay out of any financial support to Portugal. However he fails to write a single word about the owners of the British debt. Blinkers? Most probably… then there is always one taxpayer comming up for the national debt of any smart … daniel I mean.