The failed ECB has much to answer for

Cheap money, freedom of movement of money in the euro, and the power of financial journalism in “rating” banks prior to the crisis have led to the problem of reckless banking and the terms of the bailout have made it impossible for us to pay our way.

The latest compact treaty terms are even worse.

We need to differentiate between paying unguaranteed bonds from which people are making money as we shut hospitals and sack teachers, and the need to get the interest rate down, and the term extended to 30 years or more on the promissory notes.