The Coliseum in Rome is tilting, the Parthenon in Athens is in tatters, the Euro apparatchiks are in disarray and in discord. Little Wolfie, in his own by now crazy logic says there can be no easing in the terms of the Greek MoU because they have not met the targets! One would like to think that a high ranking official like the German Minister of Finances might just realise that the reason these targets are not being met is precisely because they are unrealistic and NEED to be changed.
After all, if all you have achieved is a Great Depression and the Greek economy is set to contract by at least another 7% this year and unemployment soaring, how, little Wolfie do you suppose the original revenue targets, for one, can possibly be met? But according to The Frau it doesn’t matter whether the Greek MoU actually achieves any results or not. No, all that matters is that the Rules be Kept!
Meanwhile after Draghi’s morale boosting assurances over the Euro, Junker seems to have come to the end of his tether and has actually voiced negative thoughts about Germany and how she is using (abusing?) Europe! Oh, and, he says, to all those who think that booting Greece out of the Euro will solve all problems, they just haven’t realised what the Euro’s fundamental problems really are!
It might have been more useful had he said this much much earlier. Because although true, the way the troika has contrived to effectively kill the Greek economy, it may well be too late to keep Greece in the Eurozone. And quite frankly, too cruel to keep Greece in the Eurozone only to save The Euro and The Eurozone, while not doing anything to rebuild the Greek Economy.
Greece’s debt is unsustainable, its debt/GDP ratio worsens by the day given the slashing of GDP month by month and year by year, and it cannot function with such a highly priced currency. True, it would be very dangerous for the rest of the Eurozone if Greece were either cut loose or were to leave by herself in utter despair. But then, does not this call for some creative thinking? Perhaps even some Economic sense? An in any case an end to The Frau and Little Wolfie’s arrogant Calvinist moralism in dealing with the Eurozone’s Economic crisis?
Oh, and as for the euphoria prevailing today under the Draghi effect, Junker’s lashing out at last, Timothy Geithner’s flash visit to little Wolfie and Mario Draghi, beware! If all this does not result in something really constructive and a real change of course, and soon, very soon, then I’m afraid the end of the Eurozone may come sooner rather than later, and in a totally disorderly manner.