For Germany it is a moment of truth. Berlin has put off hard choices since the crisis began
Posted on 05/08/2012 1:13:46 PM PDT by bruinbirdman
The political dam has broken in Europe. German Chancellor Angela Merkel no longer has enough allies in the club of EU prime ministers to impose her hairshirt agenda. Her methodical plans are disintegrating on every front.
For Germany it is a moment of truth. Berlin has put off hard choices since the crisis began
The immediate fate of Greece - and the euro - is in the hands of a boyish motorcycle Marxist. Syriza leader deal Alexis Tsipras has vowed to tear up the hated Memorandum, as the EU-IMF "troika" loan package is known.
He showed no sign of backing off as he met his country's president and began talks on the formation of an implausible Left front. "The popular verdict clearly renders the bailout null and void," he said.
To those who warn that such defiance means an unstoppable lurch towards full default, a banking crash and EMU expulsion, he retorts that Greece has the "ultimate weapon". It can bring down the whole European system if EU leaders refuse to soften the terms.
This bluff may be called. "Patience among the creditor countries is running out," said Blanka Kolenikova from IHS Global Insight. Germany's media says finance minister Wolfgang Schauble is itching to force Greece out of the euro as a salutary example, sure that Europe is strong enough to withstand the shock. This, in turn, is an illusion waiting to be punctured.
Arnaud Mares from Morgan Stanley said a Greek exit would set off "massive deposit flight" from all the vulnerable EMU states. "It could unravel the single currency altogether."
It is an dangerous moment for Europe and global markets. Greece has no functioning goverment. It must decide on a series of bond repayments, starting this week. Tough choices will not wait
(Excerpt) Read more at telegraph.co.uk ...
I read somewhere the EU is just the political form of Nazism...
Defeated in 1945 militarily - successful in bringing about the EU...
Silly Socialist! - Tricks are for kids!
Will they ever learn...
Don’t mention the war.
Why not?
it will only be raveled up again in a bigger way.
does this forestall or hasten the inevitable, I dunno. but I wish they'd get it the hell over with.
Germany does not have the resources, will, or moral authority (IMO) to hold up an entire continent of leftists. I wish them well, but don’t expect it.
Pretty clear pic. wow.
So what happens when Greece, followed by the rest of the EU, begin to systematically default....???
France just elected a total and complete Socialist - at the behest of voters who didn’t like austerity... Thing is, austerity (i.e. - cutting social spending and welfare-like handouts) is the #1 factor in their economic woes.
And “austerity” is what we need right here in the USA!
And like whiny lazy progressives everywhere, give them there free stuff or their burn it all down.
The entire United States of Europe concept never had a chance. Operating under a single currency without the discipline of the FX markets on individual states had to end this way.
When Israel hits Iran later this year and oil spikes to $200 Europe implodes overnight, if it hasn’t already.
With the globalist shills Gates, Buffett and Munger all trashing gold this week the powers that be see the handwriting on the wall.
Financial crisis, social upheaval...and then who knows what?
You have absolutely no sense of humor!
Perhaps the insurrection should do fine without German money? Let the insurrection pay of its own debts. The vaunted Socialistis certainly have a final solution for that?! Those evil Germans anyway.
1931, redux?
They prefer to impose a European policy of "Germany will pay for it", of course. Except what happens when Germany says "no more"? They can't march on Germany, so that's out. They can whine, but in the end, austerity is coming.
In related news...
Economic Alert: If You’re Not Worried Yet…You Should Be
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