Dan Davies
Here's why I've not been writing on the crisis last stages ... But Bull Market readers well served by @WhelanKarlpic.twitter.com/UGGcA9DIVM
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@dsquareddigest That seems very close to arguing they shouldn't bother having elections at all in countries with large debts to EU govs.
Karl Whelan
@WhelanKarl but the opposite view implies that democracies can't sign binding agreements rich is surely crazier
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@dsquareddigest@WhelanKarl ..and in a situation like this, where creditor countries made enthusiastic use of the enormous leverage they had -
@micheal_lunny@WhelanKarl but the leverage was only so great because terms they were lending on were so much better than next best offer -
@dsquareddigest@WhelanKar Yes that is true in as far it goes and I don't seem to be able to take it any further right now....
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@dsquareddigest@WhelanKarl they can't, it doesn't need implying, respect any signature that isn't incentive compatible -
@t0nyyates@WhelanKarl and yet, international treaty law exists -
@dsquareddigest@WhelanKarl true. An attempt to crystallise consequences and therefore incentives?
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@dsquareddigest Truth is somewhere in between. Some parts of the discussions were about previous commitments but a lot of it wasn't. - Show more
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@dsquareddigest@WhelanKarl ..you ended up with binding agreements on domestic policy that were then immune from domestic politics. -
@dsquareddigest@WhelanKarl I think that's an oversimplification of the political science. EU treaties work like an unamendable constitution -
@dsquareddigest@WhelanKarl A serious commitment to democracy would imply that democracies can't truly sign binding agreements ipso facto.
Micheal Lunny
Tony Yates
Asad Sayeed
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