Provoked by Freddy Forsyth in the Express, Richard North has set out in some detail why Mr Cameron's cry for repatriation of powers from the EU is sure to come to nothing.
Presumably Mr Cameron knows this and is guilty of political cynicism rather than blind ignorance?
Italy & Greece aren't governable by IMF or EU monitors. They could only live within their means and in the syle they choose by running a depreciating currency. That's a perfectly possible democratic choice of the type of society they want.
Italian would-be technocrats hoped governance by the EU would transform their country by providing the firm steer their own politicians couldn't give. But the EU waited for a useful crisis. The correction now needed is too sudden to be acceptable to Italian society.
John Redwood's question is still unanswered: the IMF wouldn't lend to California, so why would it lend to Greece? Or Italy. It would be more likely to get its money back from California, too.
But Mrs Merkel has decreed that the single-currency eurozone can't have a fully functional central bank, so it must be the world at large that funds its more feckless provinces, even though the world at large is poorer.
Two questions for Mr Cameron and Mr Osborne. If the Greek and Italian economies remain unreformed - which of course they will - how much will that have cost us in loan guarantees? And what are you negotiating in return for us assuming that risk?
Nothing that I've noticed so far.
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