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Wednesday, October 12, 2011

Slovakia and the Kentucky Derby

Slovakia and the Kentucky Derby.

An old mentor of mine once told me... "Son... you don't put a mule in the Kentucky Derby"

At first, I thought the old man was funny but crazy. In time, I have learnt to appreciate those words of wisdom.

In fact it is exactly what Slovakia is arguing in their resistance to approve a bailout package for Greece.

Why help a country that is broke? Why throw good money after bad?
I totally agree with them

That is not the whole story, there are two moral issues that needs to be explored.

1) Should one of the poorest countries in the EU have to pay for the rescue of a richer one? Should Slovakia, a model of good governance and responsibility have to pay for the irresponsibility and corruption of Greece?

2)  According to the EU budget, between 2007 and 2013, Slovakia will receive 11 billion Euros in net transfers, or 2,039 Euros per capita. Greece... they will receive 25 billion (2,238 per capita). Should Slovakia have the right to renege on this?

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