As everyone knows, the Eurozone is in a bit of a crisis.
Looking at countries like Ireland, we can see the vast sums of money they've been enslaved with. I'm a student of Austro economics and I've a simple question (I'm still learning so be nice :) ).
What has countries like this to do? The Europeans are asking Ireland to vote on a Treaty next month that will hand over economic decision-making to Brussels. From an Austro perspective, should Ireland default? And what are the implications of that?
Thank you in advance for replies.
Repudiate the National Debt
I'd never give away national sovereignty. What a lark, using any crisis to continue centralizing power. Say goodbye to europe next couple decades.
The answer is, they should never have been so f'ing stupid as to run up their debt in the first place. If defaulting means giving up sovereignty, do your damndest not to default. Pay off you debt, and then institute a rational fiscal policy FFS.