Vice Chancellor of Germany says," a restriction of Greek sovereign rights is possible

Discussion in 'Economics' started by Grandluxe, Sep 15, 2011.

  1. This week, the Free Democrats leader, Vice Chancellor Philipp Roesler, talked openly about the possibility of an "orderly insolvency" for Greece - a first for a government minister.

    Writing in the newspaper Die Welt, Philipp Roesler said: "To stabilise the euro, we must not take anything off the table in the short run. That includes as a worst-case scenario an orderly default for Greece if the necessary instruments for it are available." According to Roesler, such a default would mean "re-establishing the affected state's ability to function, perhaps with a temporary restriction of its sovereign rights".

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    Time to send the Wehrmacht in.
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    German Chancellor Angela Merkel, right, and German Economy Minister and Vice Chancellor Philipp Roesler, left, wait for the start of the weekly cabinet meeting at the chancellery in Berlin, Germany, Wednesday, Sept. 14, 2011.