1. All existing IMF & ECB loans to EU Member states (not limited to the EuroZone!) should be ring fenced and renegotiated to reduce interest rates and extend the loan period. This would give everyone “wiggle room” and haul troubled countries out of a default situation.
It would also reward best performing countries, giving them breathing space to strengthen without having to spend precious resources propping up ailing and feckless countries. Survival of the fittest. The best performers would thrive and survive.
2. Countries with a shocking fiscal record should be told categorically that if they ever, ever want to borrow money again they would be stringently audited and a condition of loan would be to get their fiscal act together. NO ARGUMENTS.
3. Any person or business that has a genuine debt crisis would also have the opportunity, should they so wish, to renegotiate their loan in the same way. Without having to prop up rogue states the money would be available to help on this level, which is where the pain is being felt most and where recovery will ultimately come from.
4. Any person, business or country that has obtained credit fraudulently, (such as Greece fudging the figures to get into the Euro Zone), should be black listed – as in - no more credit extended EVER.
Where are you Maggie when we need you? Herein endeth the lesson.
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