Of course, we all knew that – and I wish that Merkel had actually said that it wastes time and money, but you can’t always get what you want. But what she said was still pretty devastating to the whole Euro bail out concept:
A trillion-dollar package to shore up ailing eurozone economies merely buys time until the deficits of certain members of the 16-member zone are cleaned up, German Chancellor Angela Merkel said Sunday.
Speaking at a conference of the Confederation of German Trade Unions, Merkel said that recent speculation against the euro “is only possible because of huge differences in the economic strengths and debt levels of member states.”
With the rescue package, “we have done nothing more than to buy time until we have brought order to these competitive differences and to the budget deficits of individual euro countries,” she said.
Brought order to the competitive differences? And just how, pray tell, does the good Chancellor propose to do that? Of course she’s talking nonsense – and I begin to suspect she knows she’s talking nonsense. More and more, I get the feeling of an eventual end to the Euro with the prospect of an end to the European Union.
There is no way to harmonize an economy like Germany and that like Greece. Other than the fact that they are both in Europe, they have pretty much nothing in common. Its good to keep in mind that Greece isn’t even two centuries out of Turkish rule – Turkish rule which kept Greece very backward. And since independence, Greece hasn’t exactly recaptured the glories of the ancient past – they’ve sort of wallowed along doing nothing of particular note. And now they’ve spent themselves in to oblivion, and the German taxpayers are supposed to bail them out?
I really don’t think that is going to happen.
Blogs For Victory 