Jan 19th 2012- France's loss of top grade credit rating must be a bitter blow to them

19 January 2012

Tags: UKIP, France, Presidential Election

France's loss of top grade credit rating must be a bitter blow to them

 

 

                                 

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                                            UK Independence Party

                       From the Office of Derek Clark, MEP, East Midlands

                       Rowan House, 23 Billing Road, Northampton NN1 5AT 

 

Tel: 01604 620064     Fax: 01604 636002

Email: mep@derekclarkmep.org.uk

Web: www.derekclarkmep.org.uk

Jan 19, 2012

 

To the Editor,

 

Dear Editor,

 

France's loss of top grade credit rating must be a bitter blow to them. The forthcoming presidential election in France is a distraction which must not be allowed to obscure the fundamental issue - the future of the Euro.

 

As country after country finds itself downgraded and financial systems crumble, the EU answer is, 'no change'. All the EU has done since the Greek tragedy unfolded is to throw money at it. This was followed by the undemocratic way the Greek Premier was usurped by the EU, whose unelected bureaucrat is now Premier. Then Italy had a Premier and cabinet of 'technocrats' foisted on it, none of them elected.

 

There is continuing and extending sovereign debt and nothing has been done to resolve the root cause. The Euro inflicts the same interest rates on all members but this does not suit both the economies of the industrialised northern countries and the economies of the south. It is impossible to reconcile this difference - one size does not fit all.   

 

Unless the struggling economies are allowed to leave the Euro and re-establish their traditional currencies at suitable rates of interest and exchange the Euro will surely implode. We must certainly not spend more good money chasing bad on bail-outs.

 

Yours,

 

Derek Clark UKIP MEP for the East Midlands.