Money problems

Alex Salmond declares that if
denied currency union and forced to use sterling unofficially, as Panama uses the US dollar, he will refuse to take Scotland’s share of the national debt.

While not technically a 
default, it will be interpreted as such so that Scotland will not 
be allowed to borrow money for ten years and will be plunged into unprecedented 
austerity.

In addition, the EU could not possibly admit a country which had walked away from its debts as it would create a precedent for Catalonia, to say nothing of Greece and Italy.

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Scotland’s retention of sterling would become a source of speculation which would quickly result in failure with the statelet forced to introduce its own
currency within months.

(Dr) John Cameron

Howard Place

St Andrews