From Bruno Waterfield writing at EUobserver – The Irish, TINA, and the EU:
There is no more telling indictment of the political elites that have created this crisis than the myth that There Is No Alternative to bailing out banks – the EU’s founding TINA principle.
The crisis is a product of human agency, the choices and decisions taken by people facing circumstances that are man-made and, thus, susceptible to political intervention.
The huge liabilities created for public budgets by the political decision, forced on the Irish, to extend loans – on top of the vast existing contingency liability of bank bailouts – were not inevitable.
There is an alternative. Governments can restructure debt. Governments do not have to borrow from private investors.
Governments did not have to overstretch themselves, creating trillions in contingent liabilities to bail out banks. These are choices that the market “contagion” is reacting to.
People who use the TINA argument have given up on politics. A political class and EU that organises policy on that basis have failed to represent the possibility of choice, of rationality.