Everyone is getting pretty worked up about Greece. Now it’s heading for a bailout, some of us think it’s pretty ridiculous that as non-members of the Euro, the UK may have to contribute to the bailout package. Others like Hamish McRae on the Independent argue that helping Greece is akin to helping Northern Rock because it represents a systemic risk to the entire European Banking system just as Northern Rock was to the UK.
Well, I’m not so sure. My gut feeling is that we should hold on to as much capital as we’ve got – especially if you think as Prof. David Blanchflower does, deflation remains a serious risk two years out from now.
However, there is one long overdue action that will create an enormous amount of intangible goodwill between Britain and Greece – returning the Elgin Marbles.
So get on and do it !