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Winston Churchill on Greece's Bailout Mark 2 (almost)

24/02/2012

In my previous post I described Europe’s latest Agreement on how to deal with the Greek debt problem, and the looming Euro Crisis, as a form of Crisis Appeasement. A New Munich that will haunt us Europeans for a long while. Today I cannot resist the temptation to couch my views on Greece’s Bailout Mk2 using the very words with which Winston Churchill ‘welcomed’ the Munich deal in the House of Commons: 

I do not grudge our loyal, brave people, who were ready to do their duty no matter what the cost, who never flinched under the strain of last week – I do not grudge them the natural, spontaneous outburst of joy and relief when they learned that the hard default [ordeal] would no longer be required of them at the moment; but they should know the truth. They should know that there has been gross neglect and deficiency in our defences; they should know that we have sustained a defeat without a war, the consequences of which will travel far with us along our road; they should know that we have passed an awful milestone in our history, when the whole equilibrium of Europe has been deranged, and that the terrible words have for the time being been pronounced against the Western democracies:

“Thou art weighed in the balance and found wanting.”

And do not suppose that this is the end. This is only the beginning of the reckoning. This is only the first sip, the first foretaste of a bitter cup which will be proffered to us year by year unless by a supreme recovery of moral health and intellectual [martial] vigour, we arise again and take our stand for freedom as in the olden time.

(See here for the original speech; in the above, I marked my minimal insertions in red and WC’s original words in square brackets.)

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