The end is here.
German Chancellor Angela Merkel’s coalition stepped up calls for allowing the “orderly” default of euro-region member states burdened with debt to avoid a repeat of the Greek fiscal crisis, reports BW.
Floor leaders of the three coalition parties also agreed in Berlin today to put a resolution to parliament alongside the bill on Greek aid calling for the European Union to revise rules for the euro to put pressure on countries that run deficits.
Meanwhile, in Spain, where the problems of Greece look like pocket change, Spanish Prime Minister Jose Luis Rodriguez Zapatero told reporters in Brussels that speculation of a bailout for Spain is “complete madness.”
We finally have a good lay of the land in Europe with these comments. It was disappointing to see Merkel finally give in to Greece, because Germany has been right - bailing these idiots out isn't going to stop a freaking thing, and costs other member states money best used elsewhere. It buys Greece a few weeks to a year, at best. It is better to throw the bums out, kill the Euro, and get Germany back on their own currency again. Eventually.
ReplyDeleteYes, she has an election battle to fight, so we can certainly take those words with many grams of salt. But really, what else can she do? Spain is a problem 5 times larger than Greece. There's no way Germany will bail them out though the rest of the EU might try. There is no question the Euro is doomed. We know how the major players are going to act . . . it is all a matter of when.
Orderly? Good luck with that. Looks like the fireworks have been lit; watch out for flaming debris.
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