Anger at Germany boils over

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FT.com / Brussels - Anger at Germany boils over

"When George Papandreou, the Greek prime minister, this week aired frustration with Germany for pushing the eurozone to the brink of another debt crisis, he was saying publicly what other senior European officials and diplomats have been saying privately for weeks.

The drive by Angela Merkel, the German chancellor, to rewrite the European Union’s treaties to set up a new bail-out system for future Greek-like collapses – and her insistence that private investors bear more of the cost of such rescues – was quietly resented when she bulldozed it through last month’s summit of EU leaders.

But as bond markets have reacted and plummeted in the weeks since, that resentment has begun to boil over, with increasing accusations that Ms Merkel has put many of her fellow eurozone leaders in untenable positions in order to reinforce her own standing with German taxpayers."

Seems like Germany's attempts to run the show are getting rebuffed across EU and rightly so.
 


He3

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Must remember to vote no to giving them any more power, oh wait....
 

Scipio

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Anger is all very well and good, but where would the malcontents be without German euros to back them up?
 

cry freedom

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FT.com / Brussels - Anger at Germany boils over

"When George Papandreou, the Greek prime minister, this week aired frustration with Germany for pushing the eurozone to the brink of another debt crisis, he was saying publicly what other senior European officials and diplomats have been saying privately for weeks.

The drive by Angela Merkel, the German chancellor, to rewrite the European Union’s treaties to set up a new bail-out system for future Greek-like collapses – and her insistence that private investors bear more of the cost of such rescues – was quietly resented when she bulldozed it through last month’s summit of EU leaders.

But as bond markets have reacted and plummeted in the weeks since, that resentment has begun to boil over, with increasing accusations that Ms Merkel has put many of her fellow eurozone leaders in untenable positions in order to reinforce her own standing with German taxpayers."

Seems like Germany's attempts to run the show are getting rebuffed across EU and rightly so.

Is this thread some kind of a FF fig leaf?
 

Tigris Celtica

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We wouldn't be in this situation if the government had accepted democracy : The Irish people rejected Lisbon decisively when they were asked to vote on it. It was only when they were bullied into a second vote ( what part of NO did the government not understand ) that enough sheep were persuaded to vote the way the Zanu FF government instructed them to.....:mad:
 

4horsemen

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Anger is all very well and good, but where would the malcontents be without German euros to back them up?
+1. What is wrong with Frau Merkel's proposal? Why should private institutions i.e. banks, with massively inflated values of their importance and salaries be immune to failure. We are now bailing AIB out for a second time. Deutch Bank recently question why they should have to compete with poorly regulated and poorly managed banks who can operate knowing they will be saved by taxpayers?
 

Gadfly

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Is this thread some kind of a FF fig leaf?
... And will the green jersey political strategy be as humungously successful as the green jersey banking strategy?
 

Tea Party Patriot

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FT.com / Brussels - Anger at Germany boils over

"When George Papandreou, the Greek prime minister, this week aired frustration with Germany for pushing the eurozone to the brink of another debt crisis, he was saying publicly what other senior European officials and diplomats have been saying privately for weeks.

The drive by Angela Merkel, the German chancellor, to rewrite the European Union’s treaties to set up a new bail-out system for future Greek-like collapses – and her insistence that private investors bear more of the cost of such rescues – was quietly resented when she bulldozed it through last month’s summit of EU leaders.

But as bond markets have reacted and plummeted in the weeks since, that resentment has begun to boil over, with increasing accusations that Ms Merkel has put many of her fellow eurozone leaders in untenable positions in order to reinforce her own standing with German taxpayers."

Seems like Germany's attempts to run the show are getting rebuffed across EU and rightly so.
Do you actually hear what you are saying; that it is wrong for private investors to bare some of the liability of the investments they take a risk on.

It is because of the government bailing out private investors, and that includes depositors, bondholders, shareholders, that we are in this mess in the first instance.

Fair play to Germany for attempting to make a stand for the people who are actually creating wealth instead of sitting on it. If you make an investment there should be a risk attached. It is because of the lack of risk attached that we have bad banks.

If deposit customers and bondholders actually had to analyse the balance sheet of a bank before making an investment this situation would never have occurred. Instead they invested blindly in the firm knowledge that the state would bail them out at taxpayers’ expense.
 

McDave

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FT.com / Brussels - Anger at Germany boils over

"When George Papandreou, the Greek prime minister, this week aired frustration with Germany for pushing the eurozone to the brink of another debt crisis, he was saying publicly what other senior European officials and diplomats have been saying privately for weeks.
Run that past me again. Greece frustrated with Germany?

Personally I find it hard to argue with the premiss that the rules underpinning the Eurozone have to be changed. But in whose image? Greece's or Germany's? And when? Now, or on the never-never? The Germans are playing hardball knowing the time for making economically-sustainable political decisions is now.
 

Partizan

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We speculated during the weekend at what the FF get-out clause would be, and we predicted this. It's all the fault of the EU, they forced us to take something we didn't need.

You'd have to be brain-dead to fall for it...
Unfotunatley 20-25% of the population are brain-dead.
 

owedtojoy

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FT.com / Brussels - Anger at Germany boils over

"When George Papandreou, the Greek prime minister, this week aired frustration with Germany for pushing the eurozone to the brink of another debt crisis, he was saying publicly what other senior European officials and diplomats have been saying privately for weeks.

The drive by Angela Merkel, the German chancellor, to rewrite the European Union’s treaties to set up a new bail-out system for future Greek-like collapses – and her insistence that private investors bear more of the cost of such rescues – was quietly resented when she bulldozed it through last month’s summit of EU leaders.

But as bond markets have reacted and plummeted in the weeks since, that resentment has begun to boil over, with increasing accusations that Ms Merkel has put many of her fellow eurozone leaders in untenable positions in order to reinforce her own standing with German taxpayers."

Seems like Germany's attempts to run the show are getting rebuffed across EU and rightly so.
That's a bit rich ... Germany has been the paymaster of the EU from day 1, and no one objected to generous grants of stability funds to join the EMU or the Euro. Greece and Ireland abandoned every prudent principle of fiscal management and whinging about German harshness is pretty late in the day.

I suppose if Germany offered to bail everyone out gratis, the money would be accepted and the same rotten system perpetuated without a second thought.

As Liam Cosgrave used to say "If you take the shilling, you have to follow the drum".
 
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We speculated during the weekend at what the FF get-out clause would be, and we predicted this. It's all the fault of the EU, they forced us to take something we didn't need.

You'd have to be brain-dead to fall for it...
Dunno but since when were Greece, Netherlands and Austria members of FF.
 

Chrisco

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German taxpayers are still smarting from the multibillion-euro Greek bailout in May, which led to ugly headlines in the mass-market Bild about excessively profligate Greeks and how frustrated Germans were cancelling their holidays to Crete in protest at having to pay for their fellow Europeans' unchecked excesses.

Six months on, anger towards Ireland is not yet as acute, but there is growing unease about the idea of Germany having to pay yet again for a fellow European country, particularly one whose per capita annual income is around €34,000 – more than Germany's €30,000.

"The poor Germans are going to have to feed the rich debtors," wrote Die Welt, in an analysis whose acerbic undertones were only thinly disguised.

Anger is also being stoked by the growing protests from Irish and Greek leaders that Chancellor Angela Merkel has spooked the bond markets and caused a huge rise in the borrowing costs of Ireland and Portugal with her repeated suggestions that the markets and banks that financed high national debts should be forced to carry the cost of eventual defaults – not the taxpayer.

If Ireland receives an EU bailout, Germany would be responsible for coughing up about a third of the rescue funds. It is desperate to shake off its role as the eurozone's paymaster, say government insiders, but is aware that it may well be fighting a losing battle.

Meanwhile ordinary Germans are growing increasingly impatient.

"If we carry the financial can for Greece and then this Irish bailout, we will never shake off the role," said Andreas Barsche, a market vendor in Berlin. "Before we know it, it'll be Portugal next. And then Italy maybe?"
Ordinary Germans balk at second euro bailout | Business | The Guardian
 

Pauli

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Run that past me again. Greece frustrated with Germany?

Personally I find it hard to argue with the premiss that the rules underpinning the Eurozone have to be changed. But in whose image? Greece's or Germany's? And when? Now, or on the never-never? The Germans are playing hardball knowing the time for making economically-sustainable political decisions is now.
They are. And the German public are getting totally pissed off with being expected to bail out these basket-case countries who screwed up their economies.

The international bond market, Irish politicians, Irish banks, Irish voters, Greek politicians, Greek voters and Sir Anthony O'Reilly's employees all have one thing in common; none of them have a vote in German elections.
 
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They are. And the German public are getting totally pissed off with being expected to bail out these basket-case countries who screwed up their economies.

The international bond market, Irish politicians, Irish banks, Irish voters, Greek politicians, Greek voters and Sir Anthony O'Reilly's employees all have one thing in common; none of them have a vote in German elections.
What is Germanys trade balance with all these countries ?
 

MsAnneThrope

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We speculated during the weekend at what the FF get-out clause would be, and we predicted this. It's all the fault of the EU, they forced us to take something we didn't need.

You'd have to be brain-dead to fall for it...
 

Mister men

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And so it begins.
 


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