Göran Persson in Person.
Greece's public finances are in trouble.
The Swedes have some personal experience of this sort of thing. In the early 1990s, Sweden's finances were in a mess. And the country's finance minister at the time Göran Persson decided drastic action was necessary. He's been speaking to PM about those days.
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http://en.wikipedia.org/wiki/Economy_of_Sweden#Crisis_of_the_1990s
You'll just have to explain it to us, Eddie.
In Sweden riotous spending by the priuvates sector via the property and financial assets inflation was fine, absolutely fine.
But then in the early 1990s the bubble burst.
Markets didn't like the amount of spending htye government was doing, so...government made 'painful' cuts 'cos 'markets were watching'
Why should any of this deliberate creation of unemploymenty deflation and a savaged public sector be any sort of lesson to us here at all?
Except DONT GO THERE!
Instead of setting yourselves up for 3 monthsof 'Are you being honest with us about the cuts you plan?' interviews, how about getting some left wing economists in to tell you how government spending on public services is overwhelmingly more legitimate than all that debt driven spending which was 'OK', for YEARS, here, in America and Sweden - before the crash. Which as anyone will tell you is directed ultimately at government spending, not profligate private spending.
Proof? Barclay's profits today. Well, now we know where about 11 billion of the Quantitative Diseasing money has gone. Just 189 billion to account for.
And on the day when PM is giving us lessons in how to slash government spending.
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It shouldn't apply to poor Greeks either.
For goodness sake, lets stand up to these markets.
We own the banks, let's control them.
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