German Chancellor Angela Merkel said that Greece is taking the right steps to get its next bailout payment, warning against allowing a Greek default because of the risk of contagion for other euro-area countries. Merkel, in a German radio interview to be broadcast today, said that an âuncontrolled insolvencyâ would further roil markets spooked by the prospect of a Greek default. The euro region currently has no system for âorderlyâ insolvency until the permanent rescue fund is established in 2013, she said. âThe top priority is to avoid an uncontrolled insolvency, because that wouldnât just hit Greece and the danger that it hits everyone, or at least a number of other countries, is very big,â Merkel told Berlin-based broadcaster Inforadio. âI have made my position very clear: that everything must be done to keep the euro area together politically, because we would very quickly face a domino effect.â Merkelâs comments are a rebuff to calls by members of her ruling coalition to consider allowing Greeceâs insolvency and exit from the currency union as it struggles to satisfy the terms of its aid package. They also belie plans by her government to support German banks in the event that Greece does go into default. Merkel said her goal is to keep the euro area together, according to an e-mailed transcript. âEverybody should weigh their words very carefully,â she said. âWhat we donât need is unrest in the financial markets. The uncertainties are big enough as it is.â http://www.bloomberg.com/news/2011-...insolvency-must-be-avoided-radio-reports.html
translation of merkel plan: lets give more of german taxpayers money to greeks and the bankers who lost money on PIIGS "investments"
if germans won't remove their politicians by force, the policy of borrowing more tax money to nations who are already bankrupt will continue ad infinitum. europeans won't rise a finger, too much beer and pork. combined with a belief that bankers and goverments are "experts" with good will
Let's face it. Germany can live without Europe, but Europe cannot live without Germany. Many people do not realize that the formation of the German empire in 1871 is a ground shaking event in world history, the uniting of the Germanic kingdoms and principalities catapulted it into superpower status. This event is akin to the unification of China by the 1st emperor of China, the founding of the United States. The European Union was formed to rein Germany in by making its interests coincident with the rest of Europe so Panzers wouldnt race all across the continent again, but Germany's destiny CANNOT be stopped. The capacity and capability of its industry and more importantly the efficiency and industriousness of its people far outstrips any other nation in Europe. FUCK, they are the only europeans that actually do what they say, turn up on time and make shit that actually works. A multipolar world is forming whereby China, USA and a German-dominated Europe will dominate world affairs. Countries like the UK, Russia, Brazil can either align itself with one of these countries as a bit player or lose any semblance of relevance.
No, not at all... However, I do have a problem facing poorly understood commentary produced by inadequately informed armchair poticians/economists like yourself. By no means am I suggesting that I am well-informed, but then I also don't offer my opinions on the Eurozone situation in post after inane post.
I can tell you this, w/ the 6th consecutive loss this Sun., CSU is going to force Merkel to either change her mind on Greece, to go w/ the view of her vice-chair, or they'll going to force her out to preserve the party. Otherwise, she's going to lost in the upcoming election anyway. Don't be too surprise, in Canada, they remove Mulroney w/ Kim Campbell just like that prior to the big election.
Are you sure this ins't now a myth ? Our Mercedes has just spent the weekend at the repair shop. A friend's BMW leaks water, has weird problems, like FIATs had 20 years ago, but with the difference that german spare parts are much more expensive.