Germany could bail out Greece tomorrow morning for less than it cost us to bail out the North East of England and their Beastly Bank Together loans. That Northern Rock throw-away of tax payers' money led directly to a UK debt of over a trillion pounds as our prime ministerial North Briton felt the bit between his teeth and saved bits of the Labour client state no-one else would even want to reach.
The German Chancellor has a moral compass that points to moral hazard. Pity the Prime Minister hasn't.
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