Back to the '70s

Niall Ferguson will be having an article in tomorrow's Spectator which has the following paragraph:
"The mess we are in is the result of 13 squandered years in which an unprincipled government frittered away the achievements of the Thatcher era. We are back not just in 1979, but in 1976, the last time the IMF had to bail Britain out as a consequence of Labour¹s economic mismanagement."
If anyone is in any doubt as to what this means, have a look at Greece today.
I may be eating my Romanian goats sooner than I thought...