Whoever wins the election in Britain is in for a tough job. Some would say impossible with The Guardian reporting that the budget deficit there is set to overtake Greece as the worst in the European Union.
The UK deficit for this calendar year is set to come in at 12% of GDP, the highest in the EU. Greece will be there at around 9.3%.
The big problem is that a hung parliament will not have the muscle to fix the problem. Add to that the European contagion with the riots and tragic deaths of three on the streets of Athens. Whoever wins in Britain will have to make deep and unpopular cuts and the riots in Greece are a warning of what could be ahead. The only thing that might save Britain is that interest rates on British treasury bonds have remained low at around 4% compared with interest rates on Greek debt which have at times soared well into double digits. Still, it will inevitably mean deep cuts in the public service and the fallout from that will be ugly.
Alex Brummer in the Daily Mail warns that the Greek debt crisis could spread to Britain if the budget deficit and debt isn't cut.
Whatever the result, it will be a poisoned chalice. Britain looks like a ticking time bomb.
This is not so, in a hung parliament we will be more trusting of a decision to cut than a decision made by a Party who answers to its paymasters, Tory,- Rupert Murdock, labour,- Mandelson’s friends in Monaco and so on. In other words it will be more difficult and expensive for vested interests to corrupt when three or more parties have to vote on policy. Have we forgotten how dishonest our politicians are? not a bit of it, we are all watching them like hawks.