My vote was for Spain to exit the euro area, you read it here first. Wait to you see their sub-prime write downs on Spanish banks, whom the government bet the house on in tax and investment terms...
Now, that would be interesting, wouldn't you say?
Spain has, indeed, been hit rather hard recently. A few years ago, they were bowling along very nicely, but now unemployment and inflation are up and the economy is staggering slightly.
But the £1,750,000,000,000* question is, of course, should it come to such a drastic measure, will Spain actually be allowed to opt out of the Euro?
UPDATE: via David Farrer, I come across this rather ominous article.
Thanks to England Expects for this link:There is absolutely no solid evidence to suggest it but this publication predicts that by the end of the month of January Britain will have announced that it intends to join the euro.
I think they may be right.
Let us hope not: it would be a colossal fucking disaster. It would not, however, surprise me: after all, it was Gordon Brown who—quietly, quietly—switched us, from the traditional RPI and RPI-X inflation indices, to the EU's CPI inflation index.
But NuLabour would have to give us a referendum on this issue... surely?
* This is the rough figure that Wat Tyler puts on our total National Debt.