Devaluation was not an option. So in 2011, unable to withstand pressure from France, Germany and the financial markets, he was replaced by a technocrat, Mario Monti.
How would we have felt if our benefactors had grown tired of the burden and attempted to force us into a negotiated settlement with Hitler? Thankfully, Britain had the resolve to continue and our allies remained true.
Tim Bouverie has written a fascinating account of the slide towards the Second World War.
As long as traditional Labour voters stick with the party, opportunities for the Independent Group will be limited.
The disease affecting Labour about Jews is now affecting the Conservatives about Muslims.
A decision like leaving the EU had billions of causes: some of those were set in motion by happenings centuries ago, but none pre-determine what happens today.
Maybe Ken Livingstone can explain.
Plus: Can Corbyn survive losing both by-elections? Trump has the tone of Mussolini and the content of Lindbergh. And: another Lib Dem blunder.
Plus: Salmond’s revisionist view of Thatcher. My weekly Brexit briefing begins. And: the glory of Tim Shipman’s “All Out War”.
Trump’s antics are a threat to the stability and peace of Europe.
Nearly every observer expected the same result – a Conservative win with a reduced majority. This as found to be in error when the votes were counted.