The theory behind that Euro joint currency is that all the participating nations will stick to the rules, two of which are that government debt must not exceed 60% of GDP at the end of the fiscal year and the annual government deficit must not exceed 3% of GDP. It is not just Greece where the politicians have ignored this harsh fiscal discipline. Only two nations — Finland and Luxembourg — stuck by the agreement as their peers broke ranks in an effort to save their own electoral necks.
With that record to look at it’s little wonder that there is so much scepticism about Europe’s economic ffuture.
