Tell him he’s dreamin’

The Telegraph

The euro is rooted. Hard working Germans won’t want to fund dodgy, lazy Frenchmen to sit around doing nothing while getting paid by their government.

Forget the problems at the fringes, it is the bludging frogs who are the real problem.

One of the founding fathers of the euro admits that some states may be forced to abandon the single currency, but insists Germany would be better off staying in.

Otmar Issing, a former European Central Bank chief economist, warned that the eurozone could be heading towards fracture in a book calledHow we save the euro and strengthen Europe published this week .

“Everything speaks in favour of saving the euro area. How many countries will be able to be part of it in the long term remains to be seen,” said Mr Issing in the book, which is written as a conversation between an economist and a journalist.

At no point did he explicitly refer to Greece, but the debt-stricken country has been hovering perilously close to default and an exit from the eurozone as it makes harsh spending cuts and tax hikes to appease the EU and ECB after receiving billions in bail-out payments.

“We are still a long way off saying ‘that’s it, now we are sure to make progress’. Substantial reforms in almost all countries are still pending,” he added.


THANK YOU for being a subscriber. Because of you Whaleoil is going from strength to strength. It is a little known fact that Whaleoil subscribers are better in bed, good looking and highly intelligent. Sometimes all at once! Please Click Here Now to subscribe to an ad-free Whaleoil.

  • Seems to me

    Seems to me that him being a German economist might have something to do with his view of the world.  The addition of the “French” in to this news item seems ?interesting”. 

    But then again I suppose if its your blog you can include anything. Even if it could be a bit irrational.  Millions more Spaniards sitting around doing nothing.

  • kowtow

    The European “project” from the outset has been a French plot to control German industry,initially through the Coal and Steel deal and ever since with the growing central control from Brussels.
    German guilt over WW2 has meant no one in Germany being prepared to be accused of being un European .


  • le sphincter

    The Greeks work longer hours than the Germans- just they charge more for their products.

    AS for  France its economy is in far better shape than ‘double dip recession’ UK. AS because of euro rules on how much they can borrow  have  far less future  borrowing to pay off then the Poms

  • out2lunch

    The euro was a terrible idea. Italy will collapse, followed by france. This is of course long after greece collapses and leaves the euro.

  • KMChina

    The Euro is dead…they’re just bickering over who gets to pay for the funeral.

  • Mr_Blobby

    Last one out turn the lights off please.

  • 2ndAmendment

    It’s not really about the euro per se.  

    It’s about the whole so-called “european social welfare state”.

    You know, in countries like Germany, France, Spain, Italy, Portugal, Greece, Ireland, New Zealand

    Most welfare states (including NZ & the UK) are bankrupt and will never recover.  The few that still look good (Norway, Germany, Oz) are basically doing so on the back of temporary booms in resources or manufacturing. As soon as those booms end, the last welfare states will join the rest of the west in bankruptcy. 

    This crisis can’t been “headed off”  – but it can be managed: by stopping welfare spending (including health and education of course) before the whole country collapses.

    What’s Key & National doing about this absolutely fucking nothing