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Breaking: EU Broke

The Telegraph's Christopher Booker has a story that hasn't gotten any notice on this side of the pond:

Shouldn’t it be making more headlines than it has that the European Union is today insolvent – since its astronomic debt in unpaid bills is nearly twice as large as its annual income? Such is the crisis lately highlighted by its parliament’s budget committee, which finds that the EU now owes 217 billion euros, or £182 billion, as compared with its current year’s income of just £108 billion. Much of this represents “cohesion funding” relating to Eastern Europe, in contracts agreed under the EU’s current budgetary arrangements. But when, at the end of this year, those arrangements come to an end, the rules strictly prohibit the EU from rolling forward its debts from one period to the next. So, in eight months’ time, it will lurch into bankruptcy.

Since the sums involved here are fairly modest, given the size of the EU, and in comparison to our own debt, so the solution is clear.

SPEND MOAR MONEES!