Euro Crisis: “The [banking] system is based on bad maths and appalling computer models”
Whilst we are waiting for half the European world to implode amongst a whole heap of grumbles about the costs of Greek social entitlements (free buses in Athens for one), Bryan Appleyard’s perspective is worthy of note: Actually, no kind of state will work if it hires banks to conceal its debts in order to qualify for euro-membership. They key words in that sentence are, of course, ‘hires banks’. The welfare state is expensive but not, ultimately, as pricey as …