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but what about other debtors Greece is being pieced back together, financially at least.

Next week, plans to slash its budget deficit are likely to be approved by fellow Europeans, and in return it will receive implied aid through various bank guarantees. German taxpayers, the most solvent in the eurozone, will be the ultimate backstop, although Brussels will pretend that the private banks are taking the strain. There will be legal challenges and German parliamentary rancour, alleging that the aid contravenes a ban on bail outs of one member of the euro by others, but Greece will be more stable. That won't be the end of the matter. For ordinary Greeks, out on strike and rioting again yesterday, the aggressive austerity measures are likely to mean years of soul sapping recession. The country's leaders hugely misled their partners and the markets about the state of its finances; the correction is particularly brutal as a result. As Warren Buffett says, it is only when the tide goes out that you pandora website australia see who has been swimming naked. Greece is chief nudist at a naturists' convention, and a very cold wind is blowing. Meanwhile, Spain, Portugal and Ireland are also heading for years of darkness. Nor can other economies in the eurozone rest comfortably. A system better equipped to handle massive economic shocks is needed. The rest of the European Union might be smug now, but that will change once they are dragged into debate about referendums and treaty changes needed to install such a system. This comes just a few weeks after the deeply divisive Lisbon Treaty finally came into force and was supposed to end further constitutional change for a decade. The course of the deep global recession has exposed the weak system of management of the euro. When the European Monetary System, a precursor to the euro, was put in place in 1979, pandora sale online it was envisaged that a European Monetary Fund would also be created. It, like the International Monetary Fund, was supposed to be there to help countries in trouble and also impose policy conditions for any aid disbursed. The EMF never happened; such strong political interference from the centre was a federal step too far. Instead, the euro launch was fudged. Countries such as Greece, Italy and Belgium effectively cheated to make the qualifying criteria. The euro countries agreed to a stability pact that governed fiscal discipline, but was too weak from the outset and has been breached repeatedly since. It was never capable of dealing with vast external upheaval and the contagion we have seen since 2008. So, on one level, the Greek crisis is an opportunity to implement a long needed fix. No doubt, some of the most ardent believers in the European project are rubbing their hands in anticipation. But none of the decent solutions is viable. The political fears that ruled out the creation of an EMF are still there; France in particular is opposed to stronger outside oversight of its economy. Angela Merkel, Germany's chancellor, says an EMF could be a good idea, but she also says it would need a new treaty. This enables her to back an idea she knows full well will never fly. Meanwhile, Brussels is struggling to demonstrate its worth to pandora uk a sceptical public after the years of infighting over Lisbon. The European Commission will therefore probably try for something more informal and necessarily weaker than an is pandora cheaper in australia EMF: a push for member countries unilaterally to restructure their economies, and greater fiscal surveillance from the centre. Even that, though, will land it in trouble with countries such as Germany, which see such surveillance as a potential breach of their constitutions. In the UK, the debate is a nuisance for both Government and opposition. Gordon Brown has promised to oppose any further European institutional change, but what constitutes change? Proposals from Brussels will doubtless be dressed up as anything other than triggers for a referendum, just as Lisbon itself was misrepresented by the Labour government to avoid honouring a promise of a poll. Meanwhile, David Cameron and William Hague have only just managed to silence their internal Conservative critics over Europe in advance of the election. They have pledged to hold a referendum on any future treaty changes, but they desperately don't want that distraction. Mr Hague said this week that if elected, the Conservatives had decided not to go into battle with Europe. "We have enough on our hands without an instant confrontation with the EU," he said. There is another reason why Brussels wants talk of a new treaty to go away. If debate started in Brussels on what would be needed to create an EMF, Mr Cameron as prime minister would start demanding all sorts of other changes to the rules that bind together EU countries.

This would be just the opportunity to seek an unwinding of EU social and justice policy and much else besides. Every other country has a wish list, starting with the Spanish desire for more MEPs. Weak reforms of the euro will be the result, because no one wants Pandora to open that box.


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