Today I was going to focus on the umpteenth European summit in quest of The Frau’s Final Solution. How yet again The Frau would be hammering on about the design and implementation of a new fire fighting system to be installed at a later date, though the house has already caught fire and the fire is spreading wildly.

However, a new wonderful fire cracker has shot up into the dark and murky European sky. The ‘leak’ about the necessity to appoint a German Official with powers of veto over Greek budgets. Inevitably this has led to bristling fury. However, this whole farcical furore has led to an excellent post from Professor Yanis Varoufakis called Pointless fury: Why both German and Greek politicians are wrong to be angry. 

I urge you to read it. It is excellent. I would also like to add my own thoughts when the leaders of the Greek political parties were being pressured to sign a written commitment to implement everything that would be contained in the various memoranda/contracts to be officially signed by Greece with its creditors.

I couldn’t help thinking that, okay, fair enough, before forking out all the cash they want to make sure that the terms and conditions agreed would be honoured. Unorthodox perhaps, but legitimate. On the other hand, wouldn’t it be equally legitimate for Greece to demand a written commitment from the lenders that if Greece implemented all the conditions demanded of her and yet the targets set by the lenders were still not attained,  then the lenders would be liable to reimburse Greece and pay for the wretched mess they had imposed?