Following up on the theme of public finances, when in trouble, Ireland wielded the axe swiftly last year, winning favours in the bond market and already seeing its economy picking up this year.
Across the continent, Greek is bankrupt. So the EU has stepped in to impose some harsh rules to reign in its finances. The first thing to go is public sector’s wages and other pension-related liabilities.
Greeks are protesting, of course.
But for some (initially) unfathomable reason, so are Danish unions. It’s odd not only because it is Greek, not Denmark, that’s been subjected to hiring freezes, wage cap, and in some instances, benefit and expenditure cuts. It’s even odder since Denmark has complete control over its monetary policy, since the country is not even a member of the eurozone yet.
Then it hit me. Can this intense interest/passion displayed by those protesting unions be construed as a signal that Danish accession to the eurozone is inevitable? The next referendum is just around the corner, in 2011. And if I’m right, the campaign has already started.