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Part 1
For over a decade the member states of the EU have been engaged on an unprecedented orgy of reckless spending with little or no regard as to how they were ever going to balance the books. Encouraged by greedy bankers and some misguided notion that cheap easy credit would be for evermore available, governments have wasted billions of their taxpayers cash on a disastrous vanity project that the population at large never wanted in the first place.
In 2007 / 2008 he chickens came home to roost. Europe's economy is down the sink and may take 50 years, and the EU to break up to fix it.
Part 2
For the best part of a decade the owners and senior management of Bolton Wanderers have been engaged on an unprecedented orgy of reckless spending with little or no regard as to how they were ever going to balance the books. Backed by a wealthy owner and some misguided notion that cheap easy credit would be for evermore available, the club has spent millions of their owners,supporters and TV revenues on a project that has left the club with enormous debts and they are rising.
In May 2012 the chickens came home to roost. The club relegated from the Premier League and on a much reduced income faces some difficult times. The current squad looks far from a team capable of returning to the Premier League without further investment.
The lesson in all this is that living beyond your means never has a happy ending and I am afraid that this mess will take as much sorting out as the EU economy. Does anybody actually know the financial situation the club is in and I don't mean the platitudes from Gartside et al that amount to "everything is under control trust me and Eddie".
For over a decade the member states of the EU have been engaged on an unprecedented orgy of reckless spending with little or no regard as to how they were ever going to balance the books. Encouraged by greedy bankers and some misguided notion that cheap easy credit would be for evermore available, governments have wasted billions of their taxpayers cash on a disastrous vanity project that the population at large never wanted in the first place.
In 2007 / 2008 he chickens came home to roost. Europe's economy is down the sink and may take 50 years, and the EU to break up to fix it.
Part 2
For the best part of a decade the owners and senior management of Bolton Wanderers have been engaged on an unprecedented orgy of reckless spending with little or no regard as to how they were ever going to balance the books. Backed by a wealthy owner and some misguided notion that cheap easy credit would be for evermore available, the club has spent millions of their owners,supporters and TV revenues on a project that has left the club with enormous debts and they are rising.
In May 2012 the chickens came home to roost. The club relegated from the Premier League and on a much reduced income faces some difficult times. The current squad looks far from a team capable of returning to the Premier League without further investment.
The lesson in all this is that living beyond your means never has a happy ending and I am afraid that this mess will take as much sorting out as the EU economy. Does anybody actually know the financial situation the club is in and I don't mean the platitudes from Gartside et al that amount to "everything is under control trust me and Eddie".
