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May 06, 2011

The Great Untangling: Greece Considering Withdrawal (Retreat!) from Eurozone; EU Finance Ministers Huddle in Luxembourg To Plot Next Step

Can this plural marriage be saved?

Probably not.

SPIEGEL ONLINE has obtained information from German government sources knowledgeable of the situation in Athens indicating that Papandreou's government is considering abandoning the euro and reintroducing its own currency.

Alarmed by Athens' intentions, the European Commission has called a crisis meeting in Luxembourg on Friday night. In addition to Greece's possible exit from the currency union, a speedy restructuring of the country's debt also features on the agenda. One year after the Greek crisis broke out, the development represents a potentially existential turning point for the European monetary union -- regardless which variant is ultimately decided upon for dealing with Greece's massive troubles.

Like any forced marriage based on convenience and economic prospects rather than shared values, the differences can only be papered over for so long before big problems come up.

The Germans want a very stable fiscal policy with a very low rate of inflation and low borrowing. Everyone else wants the fruit of German fiscal prudency, but has never really been big on that "low borrowing" and "realistic spending levels" part of it.

Everyone cooked the books for years but that only works until, like as in The Producers, people start asking where the money is.

Thanks to Ben.


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posted by Ace at 01:17 PM

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