Boris: The Greeks must be rueing the day they whacked the drachma

BJ’s excellent article today rightly draws comparison between the bailout of Greece and the bailout of Northern Rock.

He makes the excellent point that we should be grateful that the myth of monetary union without federalism is now starkly exposed.

His own shortcoming is that he does not quite understand the seriousness of the banking crisis and therefore his article ends at the crisis point with no solution apparent to the UK’s Greeklike problem, other than the implied debauching of the currency.

Without reform along the simple lines advocated by the Cobden Centre I fear that, even outside the Euro, the banking system may crash again.