BRING BACK THE OUZOZONE AND STUFF THE EUROZONE

Much to the apparent irritation of some BBC news programmes and Ed Balls, the U.K. today announced its economy had grown by 0.5% in the third quarter of 2011.  No one, including the Chancellor, was upbeat about the future, but maybe he was mindful that discretion is the better part of valour?  In fact it was a bloody good result - although as I've hinted you wouldn't think so based on the BBC news. And Ed Balls, bless him, could barely hide his miff.  


I don't want to get boring but just remember that in August 2011 the Guardian reported that the French economy failed to grow.  Yet on 13th May 2011, under the headline "UK left behind as French and German economies surge"  it had enthusiastically reported "Germany and France, which together account for nearly half of the eurozone's GDP, grew by 0.4% and 0.3% respectively in the fourth quarter."


Read it again if you need to and come to your own conclusions !


Of more fascination, and great fun,  is the dire position of Greece, and the effect its behaviour will have on the eurozone if, as expected, the Greek people reject the remedy imposed by eurozone leaders. And who could blame them !  Whether or not there is a referendum is academic.  Without a referendum there would certainly be an election and the Greek population are unlikely to vote for a pro-eurozone party longing as they do for the return to favour of  the beloved drachma, retirement for all at 50,  long sunny days sucking olives and quoffing ouzo, and the confidence to care not a monkey's about the world around them.  


Fortunately on these matters I have no need to show discretion when it comes to predicting what will happen.  Neither do I care if I turn out to be wrong.  So what's likely ?  


After six, maybe twelve, months of struggling the U.K. economy will begin to grow strongly as it lessens its reliance on eurozone markets. Greece will return to having its own currency and gradually slip back into the sleepy, relaxed sort of country it's comfortable with being and which visitors so loved.  Likewise Italy, Spain, and Portugal may see the benefits, economically speaking, of being able to do what they want, when they want, and how they want.  They would reap the benefits of rubbing along just as though nothing had changed. Mañana !!


Of course a few hangers-on will remain, (amongst others I'm predicting a definite Holland and a maybe Eire ) inexplicably  content to risk becoming yet more economic parasites robbed of the right to decide their own economic policy, or create their own laws, or simply act in their own country's interests and sod the neighbours.   


Let me think..... Yippee ! Bring on the champers.  This could well be the beginning of the end of the eurozone as we know it.  And no real surprise either.  The eurozone is subscribed to by a mixture of nationalities.  Each nationality is substantially different to all of the others.  Different in language, behaviour, morality, outlook, work ethic - the list is endless.  Let them trade together if they wish.  But that's it.  


Let them have back their own currency, their own laws, their own morality and, most of all,  their dignity.