Beware of bearing gifts to the Greek's

It been an interesting week one way or another, we've seen the Murdoch's up in front of the Commons Select Committee along with their former editor Rebeka Brooks to answer questions about phone hacking, why does this whole episode smack of chickens coming home to roost?

For the past three years or so the press have been constantly kicking the ball into an empty net regarding the MP's expenses, only now for most of them to be hoist on their own petard and finding themselves investigated by Knacker of the Yard, (mind you old Knacker himself is in the frame too). In my personal view, the press pretty much deserve everything that is about to be done to them, perhaps after it is all over we will have responsible politicians that make the right decisions on behalf of us all, and a press corp that reports on the things that matter instead of tittle tattle and what goes on behind closed doors between consenting adults?

Well I can hope I suppose!!

But while all this has been going on, and dear old auntie BBC has been getting her 40 deniers in a twist, there have been much more important issues raising their heads just across the channel.

I've been writing for months now about the catastrophe that is likely to befall the Eurozone. The BBC and its leftie cronies have more or less ignored what has been going on, after all its much more fun to kick the Murdoch press to death. But in the meantime, the Greek tragedy has continued, with the EU finally deciding to back yet another bail out for a country who has a debt the equivalent of just shy of twice everything it produces. The most recent estimate is that the figure is 180% of GDP, in terms that most of us can understand it means that if you add up the entire output of a country, manufacturing, service industry, banking, investments etc etc, you get a figure known as the Gross Domestic Product or GDP. In better times debt levels of perhaps 30-40% of GDP were thought to be manageable. At the end of the Conservative Government in 1997 our debt was falling rapidly heading for 25%. Gordon Brown through his profligate spending forced ours up to very nearly 50% of GDP and his legacy will mean that our debt will continue to rise to about 70% of GDP before falling back over the next 5 years or so.

Greece has a debt of 180% of GDP, basically it is bankrupt, kaput, finished, but the EU commissars who still dream of a united Federal Europe can't or won't see it collapse, instead it will continue to pump money into the stricken economy in a vain attempt to prevent the great Euro experiment from collapsing in a heap.

I listened intently to Daniel Hannan MEP and eurosceptic on radio five live this week, his analysis mirrors my own, the Europe experiment is over. The stricken countries like Greece, Ireland, Portugal, Spain and now Italy must be allowed to free themselves from a currency dominated by France and Germany, his solution, and quite a novel one at that, is that Germany and France should leave the Euro and revert back to the Deutchmark and the Franc (or to a separate common currency) while the other poorer countries are allowed to devalue the Euro, cut interest rates and kick start their economies.

The current situation is rather like having a ship with a massive hole below the waterline, no matter how fast you bail it out, you are fighting a losing battle. Another analogy I heard today was this "When King Phillip of Spain died his devoted and slightly mad wife refused to accept the situation and slept next to the decaying corpse for three whole years, take heed Greece!!!"

However, on the bright side, it appears that my mate George has managed to keep us out of the latest debacle, and if the Eurozone collapses, it will give Cameron all the ammunition he needs to re-negotiate our relationship with Europe, and once again return to the "Common Market" which after all was what we voted to join, and extricate us from this European federal experiment which has so spectacularly failed.

We can once again take control of our borders, our laws, our taxation, our spending and our way of life, without the constant interference of unelected bureaucrats from across the water.