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When Wolfgang Schäuble proposed that Greece should postpone its elections as a condition for further help, I knew that the game would soon be up. We are at the point where success is no longer compatible with democracy. The German finance minister wants to prevent a “wrong” democratic choice. Similar to this is the suggestion to let the elections go ahead, but to have a grand coalition irrespective of the outcome. The eurozone wants to impose its choice of government on Greece – the eurozone’s first colony.
Greece must default if it wants democracy - FT.com
Seeded on Tue Feb 21, 2012 4:42 PM EST
Article Source: FT.com
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I'd shorten that headline if I were editor:
Greece must default
- 4 votes
#1 - Tue Feb 21, 2012 4:44 PM ESTIt must exit Euroland, if it is to survive.
It's unbelievable that this has been news for the last 4 years. Germany's finance minister is preparing for such an outcome. Apparently, the econ-blogosphere is a buzz about the fact that somehow Frau Merkel missed the memo.
Marshall Auerback is saying the very same thing you are.
- 4 votes
#2 - Tue Feb 21, 2012 6:35 PM ESTcaltha:
It seems like ... stupid. And I don't think I'm really missing anything:
1. Germany says "We give you money, you give that money to our banks, you surrender democracy and you rebuild from destitution."
2, Greece says, "@!$%# you." Then Germany bails out their own banks, Greece rebuilds from destitution but they keep their democracy.
Why isn't "@!$%# you" the best outcome for the Greeks between those two alternatives?
- 4 votes
Why isn't "@!$%# you" the best outcome for the Greeks
Jack, Auerback is saying exactly that...but not in such stark, colorful terms. No one has been listening to him over the last 3 1/2 years.
I read somewhere - forgotten where - that in the last week Minister Schaeuble was preparing Germany for such an outcome - but Chancellor Merkel was saying publicly quite something else. If I weren't so lazy today, then I'd search for the link and post it for you.
However, and apparently, (as per Bloomberg, today) he's changing his tune too.
- 3 votes
caltha:
he's changing his tune too.
Of course. Germany gets to do to Greece now what Hitler couldn't accomplish.
That's not a Godwin's law violation. Hitler did try to but failed to conquer Greece. If this deal is imposed, Merkel will have tried and succeeded.
- 3 votes
Jack,
You'll get a kick out Tyler Durden...I'm assuming you haven't read his recent blog entry... yet.
- 3 votes
That's the peril of a county giving up it's sovereign currency.
As well as allowing Goldman-Sachs to cook the books to hide your deficit.
- 3 votes
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