Friday - February 12, 2010
Germany gets to call the shots in Greece ….. which is what LyndonB said days ago …
I’m not sure about German and the word ‘shots’ in the same line tho.
This was the official Telegraph line this morning on their editorial page.
Interesting stuff.
it has never been more comforting to be outside this particular club.
Germany gets to call the shots in Greece
It has never been more comforting to be outside the euro.
By Telegraph View
Those who imagined that Greece would be allowed to go to the wall, or that the Washington-based International Monetary Fund would be called in to finance its rescue, ignored the self-regard of the European elites, and their global ambitions for their currency. Although the details of the rescue plan agreed yesterday are still nebulous, what is clear is that Greece will be supported by its partners in the eurozone - but only in return for the imposition of a real austerity package, rather than the milk-and-water measures proposed by the Papandreou government.
This act of economic imperialism - how else to describe the supervision of a country’s economy by an outside authority? - will have sweeping ramifications. It is, of course, in flagrant breach of the Maastricht Treaty. But ever since the single currency was created, its rules have been more honoured in the breach than the observance (especially in the fudging of the entrance criteria, which laid the foundations for this crisis). Yet far from weakening the eurozone, these events will give added momentum to the federalist cause. The very act of coming together to save one of the weaker brethren transforms the dynamics of monetary union as, to oversee the rescue, a central treasury function will have to emerge.
How will the Greeks react to an austerity package imposed from Berlin?
This act of economic imperialism - how else to describe the supervision of a country’s economy by an outside authority? - will have sweeping ramifications.
In fact, I believe this is exactly what happened to Germany in the 1920s. If not this then something very,very close to it.
Posted by peiper
on 02/12/2010 at 12:18 PM
Filed Under: • Economics • News-Briefs •
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