Finally the idea starts to sink in that something needs to be done about
Finally people are talking about a controlled default:
· Where the Greek debt gets a haircut of 50% or more to bring it back to sustainable levels
can stay in the Euro, instead of (painfully) readopting a currency that soon will not be worth the paper it is printed on. Greece
is not put into the chaos of an uncontrolled default. Greece
is placed under legal restraint of the European Union in order to reshape their internal revenue services, cut their government budgets and downsize their civil services Greece
gets a helping hand from the Euro-zone, instead of a foot that is pushing them further into the quicksand of excess debt. Greece
But this did not happen thanks to the Dutch cabinet members. They could not keep their mouths shut, but instead decided to talk to the press about their ´secret meetings where all the possible secret scenarios on
Or thanks to the Dutch populist politicians that wanted the cabinet ´to kick
That did not happen thanks to the German Finance Minister of Economic Affairs Philipp Rösler that was openly speculating on
That did not happen thanks to ´pundidiots´ like Professor X, Y and Z of University A, B and C, that were getting the old plan for the Neuro (Northern Euro’ and the Seuro (Southern Euro) from the garbage can and giving it a fresh polish. Or that wanted to kick
That also did not happen thanks to politicians that speculated that
You can say of Nicholas Sarkozy a lot of bad things and much of it will be true. But in my opinion, he is one of the most constructively operating politicians concerning the financial situation in
And of course,
But at least Sarkozy tries to save the day. And that is more than a lot of politicians in
The quote of the day came from Neelie Kroes, the current EU commissioner for ICT and Telecom affairs (roughly translated): ‘politicians in especially The Netherlands and
I couldn’t agree more.
Update September 15, 2011
I guess someone slipped something in my coffee, minutes before I started to write this overly optimistic and therefore inaccurate piece. Mea culpa, mea maxima culpa…
· Angela Merkel is shipwrecking all possible optimism on finding a solution for
, when she is vetoing the Euro-bonds. Greece
· Other European politicians are now denying the possibility of a controlled default, before it is too late and maintain the stance that all debt must be paid back.
· Jan-Kees de Jager, the Dutch Finance Minister, is stating blatant lies, when he says that the Greek will pay back all debt to (a.o.) The Netherlands. This won’t happen and he knows this, but is he too yellow to admit this.
· And all the northern Euro-zone countries are blaming the Greek for everything that is wrong with Euro, without looking in the mirror for even one moment.