Samizdata

There’s a fruit store on our street
It’s run by a Greek.
And he keeps good things to eat
But you should hear him speak!
When you ask him anything, he never answers “no”.
He just “yes”es you to death, and as he takes your dough
He tells you
“Yes, we have no bananas
We have-a no bananas today.”

Those are some of the words to the 1923 hit song “Yes, We Have No Bananas” by Frank Silver and Irving Cohn. The song is mostly associated with World War II, but according to Wikipedia it had found its way into the history books before that:

The song was the theme of the outdoor relief protests in Belfast in 1932. These were a unique example of Protestants and Catholics in Northern Ireland protesting together, and the song was used because it was one of the few non-sectarian songs that both communities knew. The song lent its title to a book about the depression in Belfast.

For nine decades “the depression” meant the one that started in 1929. But the coronavirus looks likely to bring in its wake an economic depression that may well take the definite article for itself. Naomi O’Leary of the Irish Times reports,

Euro finance ministers reach compromise to fund pandemic recovery

Deal dashes hopes of Italy, Ireland and seven others for the roll out of so-called corona bonds

The 19 members of the euro zone agreed a compromise on Thursday to aid states in need of funding to address the profound economic fallout from the coronavirus pandemic.

But it dashed the hopes of Italy, Ireland, Spain and six other member states that had called for eurobonds to bring down borrowing costs and send a signal of unity as the continent confronts a health crisis that is threatens to become an economic disaster.

Under the deal, states can borrow from the European Stability Mechanism bailout fund to finance spending needed to overcome the crisis.

I do not seek to play down their achievement in reaching a compromise at all. Every finance minister on Earth must be passing sleepless nights wondering how best to deal with our current predicament. But the dilemma faced by the Eurozone countries is particularly acute. Italy and Spain will never forgive the EU if they receive no help in their hour of need. But the northern countries were repeatedly assured that EU membership and the adoption of the Euro would never mean they had to write a blank cheque to what they see as the spendthrifts to the south (and a few other directions besides). The Dutch, the Germans, the Finns and the Austrians must hope that when they say, “yes, we have no Eurobonds” the upbeat momentum of the first three words will carry them over the next two.