This Old Economist: Which country will need a bailout next?

The European Union approved an 85 billion Euro ($115 billion US) rescue for Ireland yesterday.

Who is going to be next?

Portugal is in the running. So is Spain.


["Who will save us from our economic woes?": photo of GH, circa 1955]

But can the 16-member Euro-zone afford more emergency loan packages to cover, for example, bad bank debts and huge budget deficits (as in Ireland’s case)?

Perhaps it won’t be a country that next needs a bailout.

Perhaps it will be a zone of countries.

This old economist believes our economic model may require an oil change and lube job. Maybe it needs a new road map in the old glove box too.

Until governments agree to try something other than Globalization, perhaps we should practice our own austerity measures.

I.e., reduce spending, pay down debt, and save money for tough times ahead.

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My brilliant economic plan is outlined here.

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