ClubMed may be on life-support, but the French farmer must not be denied.
One of the most famous advertising commercials of all time used the line, ‘What car does the man who drives the snow-plough use to get to work?’ It was an ad for Volkswagen, and it helped sell millions of Beetles long before anyone dared to call a small free-trade area The European Union.
Today, one could write an inversely parallel line, ‘What credit rating does the EU fund get that’s trying to improve the EU’s credit rating?’ And the answer seems to be, “Well, not Triple A, that’s for sure”.
However, just to worry you even more, there’s a back-up line if that one doesn’t fly: ‘Who bails out the ClubMed countries joining the EU ClubMed country bailout?”
Last Thursday and Friday, The Slog couldn’t find a single credit manager in Europe who thought the EU bailout fund would get the coveted top rating. And that sort of suggests the doctor running the leper colony has got leprosy, does it not?
But the real doozie is this probable inability of Spain and Portugal (widely reported Friday) to (a) meet their commitments to the eurozone’s €440bn share of the bailout fund if (b) they are called upon to sort out their own government deficits. It’s like the Tony Hancock Blood Donor episode, where he gives transfusion blood in the morning – then cuts his finger and gets the same bottle of blood back in the evening.
“Watch my fingers….ten billion a year, or else”
But fear not, because while Spain and Portugal may be faced with the inevitable dilemma about national versus EU interest, French President Nicolas Sarkozy is determined to cut through the bollocks – and a jolly good thing too.
Last Thursday (according to Le Figaro) Sarko put hand on heart and – after some delay while he detected one – promised French farmers that there would be no change to the EU’s Common Agricultural Policy (CAP). He told them:
“I’ve done enough on behalf of France to drag Europe out of the rut during the crisis. When it’s about the CAP, my margin of negotiation is non-existent”, he said.
Done enough, eh? Well, Napoleon Sarkoparte has spoken and so we must all pay heed.
The bailers-out at least have the excuse that they are mad. But the French are simply taking the piss.
The Slog 