I increasingly get the impression that you are the only one in this thread who seems confused. There is no charade as I mentioned already, everyone is on the same page. And the 2-3 years of can kicking has enabled Germany and other European creditor nations to force their financial institutions to "clean up". In that the can kicking has actually produced a result and has a measurable positive effect. The result is that Germany can now stand in a position to actually raise the ante with a very strong hand that it is willing to play to the bitter end while Greece is certainly not in that position. I think the facts and numbers are on the table that demonstrate that the prolonging of the affair had a very positive effect on those nations that decided to act and use the time, given, while all the time by certain other nations was spent on whining and complaining.
Alexis Tsipras' "open letter" to German citizens
- Thread starter Tsing Tao
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Germany does not have a strong hand at all! If Greece exits the eurozone, that's it, it's over. Italy or Spain or both will leave within a year. The euro will be finito. That's the last thing Germany wants.
Greece has made a few concessions...it is up to Germany to play ball too and they know it...
Greece has made a few concessions...it is up to Germany to play ball too and they know it...
Why would Spain and Italy leave? They wouldn't leave unless forced out, just like Greece. Germany will do fine with either result.
You have to understand, ZeroHedge and all. If people looked a bit more closely at actual economic numbers such as debt/gdp ratio as well as changes of the same, followed the latest government bond auctions and achieved auction rates, changes in the debt structure, of Spain and Italy then they would not be wearing their tin foil hats. There is not one reason why Spain and Italy would follow suit after a Greek default. We would be talking different stories if Spain suddenly embarked on similar attitudes and ethics as Greeks when it comes to working through austerity measures. Whether certain left-socialist majorities that raise demands for an end to austerity build elsewhere in Europe is left to speculation at this point. There is measurable and meaningful change to the better that can be registered in Spain alone.
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If I'm confused, it has more to do with your communication than anything else.
And to move the debt responsibility to...where? The taxpayer? Someone owns the debt. Who?
If it is not going to be repaid, and everyone knows this, then to pretend it will be repaid is...for lack of a better word, a charade.
I think the only way Spain/Italy ...whoever else leaves is if
Greece leaves and Greece is doing pretty well a year or two after leaving. Then other highly indebted southern nations start going "well, if it worked for them..."
That, in my opinion, is the biggest risk to the EMU experiment of all.
Podemos might change that.