Wednesday, September 28, 2011

Hague: Germans Are Going to Subsidise Those Countries For a Long Time to Come, For The Rest of Their Lifetimes

Brittish Foreign Secretary William Hague says he has been proved right by the debt crisis after calling the eurozone a "burning building with no exits" in 1998 (while Conservative leader).

He also says the Euro is a "burning building with no exits". From Daily Mail:

You can have burning buildings where they manage to put out the fire or control it or get more room or something.

'I might take the analogy too far but it’s not built with exits so it is physically a difficult thing to leave a currency without any plan to do so I don't think we can advocate that but they are on very unpalatable choices and it clearly means that being in the Euro that Greeks, or Italians or Portuguese have to accept some very big changes in what happens in their country, even bigger than if they weren’t in the Euro.

'And Germans will have to accept that they are going to subsidise those countries for a long time to come really, for the rest of their lifetimes.'

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