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Old 22.06.2016, 22:29
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Phil_MCR Phil_MCR is offline
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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It's mad, you are all blaming the EU for the collapse of several economies in the Eurozone, but fail to see that was the result of corruption and financial mismanagement in those sovereign member states. We tend to forget it's a global financial crisis, and how this all started in first place was the result of bad banking practices from the employers of many people on this very forum.
I think that the blame can be put on the EU quite legitimately for the boom/bust of Ireland, Spain, Portugal, Greece. The attempt to shoehorn the different economic situations of these countries into a single currency and single monetary policy was clearly going to end in tears and economists warned of this but the dogma of closer political union overrode the economics.

It's not as if the ECB even made any pretense of trying to protect the PIGS. Rates were held low and long to suit Germany and to hell with the PIGS - they let them overheat and bust. Adding insult to injury, they didn't even let Ireland hang the creditors and forced Irish taxpayers to bail out non-Irish bondholders.
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