I have been following the European economic crisis for the past year, or so, who hasn't? I closely watched the Spanish bailout, the downgrade rating of the Italian and French banks, the two rounds of elections in Greece.
Then today, I read that the 4 powers of Europe are meeting to discuss their plans for getting out of this mess. Germany, France, Italy and Spain are meeting to solve the problem. What, are they just kidding themselves? So, Spain is broke and borrows money at very high interest rates, Italy and France are almost at the same situation (totally broke and paying high interest rates) and Germany is the only one that may still have some reserves to help out. So, how are the other three going to help the European crisis? What are they going to do, threaten Germany that if they it doesn't decide to help them they will go bankrupt and take it down with them? I mean, what will be their contribution to the possible solution?
I am not an economist and I know that most of us tend to oversimplify things but from what I've read so far, and I've tried to read a lot on the subject, although not the only one, a primary contributing reason these countries are is such dire economic condition, is the rampant corruption and misuse of public funds.
So, why not start correcting the problem at its root? Fight corruption, prosecute anyone involved, put them in jail and revert ownership of anything they own back to the public coffers.
That might be a good start to get on the road to recovery! Unless and until this happens, all these bail-outs and loans that are supposed to help the average citizen of the suffering countries cope, will instead go to lining the pockets of the same, few corrupt individuals!
