Tuesday, May 24, 2011

Scotland and Europe

The Scottish nationalists won big time in the elections and will have a referendum on setting Scotland back up as an independent country within the EU. I think it makes sense. But I think that the Eurozone itself is about to experience the biggest upheaval in its history. Today Greek debt went above 25% which is ludicrous and totally unsustainable. It is either the biggest oppotunity to make money in the world today, or as more likely, the Greek debt will be restructured or even default. That would bring down the EU crashing like a house of cards. To avoid this the members may well have to accept that local soveraingty must fall and the EU become like the US a country with member states rather than individual countries. So Scotland may be only independent for a little while and then get swept up in political integration again.