Rule Bending for All

Now that the Sick Man of Europe has destroyed the Growth and Stability pact, the new members of the club are keen to join the reckless spending party.

The new agreement allows countries to break more easily the growth and stability pact's deficit limit of 3 per cent of gross domestic product.

So they can spend their citizens money more freely. As an added benefit, this will enable them to more rapidly give up their economic independence and tie themselves tightly to the Franco German ball and chain.

Fitch, the ratings agency, concluded this week that changes to the stability and growth pact had positive implications for the timetable for euro adoption by Poland, Hungary and Slovakia.

Goodbye to the Zloty and the Florint, hello to the Teuro. So its good news for politicians everywhere, shame about the poor citizens.