Euro zone crisis: Whose fault is it?

I find it rather predictable that nobody wants to own up to the mistakes that were clearly made over the euro.

Seasoned crews furnished with the responsibility for keeping it afloat and steering it through choppy waters have been squabbling among themselves since it ran aground.

This weekend the ex-president of the European Commission Jacques Delors waded into the fray.

Margaret Thatcher’s former sparring partner – remember the famous “the lady’s not for turning” speech at the Conservative Party Conference in 1980 – believes flawed “execution” is to blame for the crisis which could see the beleaguered single currency off in a few days time.

The chief architect of the European Union told The Telegraph newspaper that “everyone must examine their consciences” before referring to “a combination of the stubbornness of the Germanic idea of monetary control and the absence of a clear vision from all the other countries”.

The Economist was less diplomatic in its euro zone analysis piece, Is this really the end?

The magazine pointed the finger at “pigheaded brinkmanship”.Rather tellingly, when asked about the part his country played in the run-up to the current crisis, Mr Delors – who reigned as president from 1985 to 1995 – declined to comment.


Debt Crisis ‘blues’

More economic doom and gloom. Somebody, please wake me up from this nightmare.

I had hoped there would be a decent pause so we could all catch our breath after the Republican leaders did their very best to give President Obama a bloody nose.

Paul Ryan, a congressman from Wisconsin who is chairman of the House Budget Committee, did not pull any punches in his Wall Street Journal article: Where’s Your Budget, Mr. President?

In it, he claimed the president had not “put forward a credible plan to tackle the threat of ever-rising spending and debt”.

He also asserted that “Congress still hasn’t dealt with the drivers of our debt—primarily federal spending on health care”.

I knew there would be an eleventh-hour deal before the Tuesday deadline.

After all, there are scoring political points and scoring political points.

The shenanigans that went on before an agreement was reached were, as one US citizen told Channel 4‘s Sarah Smith, just “stupid”.

Today, The Telegraph reported the FTSE 100 “suffered a 3.43pc fall, its biggest since the height of the banking crisis in March 2009”.

It also revealed that “in the past five days, investors have lost a total of £125bn”.

One can’t but help feel overwhelming powerlessness by what is happening because there isn’t a panacea.

Politicians and financial experts can pontificate all they want but I am yet to hear something that sounds remotely like a concrete plan to get us all out of this mess.

And, of course, it is always the people who do not earn those incredible salaries attached to even more incredible bonuses who suffer.