Another slanted British article.
Let’s review the facts. You as a nation have about six weeks of cash left in the pot to run your government, your police, your fire departments, and all essential services. You have only one true option on the table....accept a loan from your neighbors and promise to live under austere conditions for the next couple of years. Most political parties are pleading with you to deny the loan and to fall into some kind of chaotic pit of government operation. Your neighbor says...stop stalling and just get on with cleaning up your mess.
If you follow the British attitude here...you should never tell your weak-kneed neighbor how to fix their problems. If you only have six weeks to settle on some answer....I wouldn’t be sitting around debating much at this point, unless of course...I was a Greek.
The best long-term solution is to leave the Euro and not accept more “loans” with draconian measures with Germany controlling interest rates with a one track mind of a southern sea
A E-P responds to another critic,
"Well, I didn't say Germany should do anything in this piece.
I reported on a dispute between Germany and France.
The point about the credit card referred to eurobonds not the ECB.
(By the way, eurobonds are not my cup of tea. They are the catalyst for an EU state that I don't wish to see. But that is what the Euroland states probably have to do if they want to save EMU, which is the context here. Personally, I do not particularly wish to save EMU, but what you or I want is irrelevant)
As for the ECB -- and I regard monetary policy to be an entirely different issue to debt mutualization or fiscal policy -- if it engaged in overwhelming bond purchases (not piecemeal, which is counter-productive and subordinates other creditors), this would not amount to Germany opening its credit card.
The issue would be different. Germany would have to tolerate higher internal inflation if the ECB chose to end debt-deflation in Club Med by QE.
Now that is certainly a real concern for Germany. "
yitbos