Last Man Standing

Only she’s a girl.

Merkel

You have called Angela Merkel the modern-day empress of the eurozone. What do you mean?

The title empress reflects, in my view, two realities of present-day Europe. First, the Germans look so strong because the others look so weak. The British are withdrawing from Europe. The French are down but not out. They’re unable to rev up their economy – same thing for the Italians, same thing for the Spaniards. So, when you add it all up, who is the last man – or in this case, the last woman – standing?

The second reason is more concrete – the Germans have been in the vanguard of driving home fealty to the eurozone’s foundational treaties. These conventions enjoined member states, like Greece, not to overspend and over-borrow and, at the same time, to make their economies more efficient. Merkel and her finance minister are not austerity mongers as everybody is harping on about. They are committed to the original treaties’ stated rules that require eurozone members to reform their economies and become more competitive.

Zum ersten Mal seit 2005 könnte die Union einer Umfrage zufolge die absolute Mehrheit erreichen. Die Partei wäre mit 43 Prozent der Stimmen stärker als all anderen Parteien zusammen.

More German “Universalization,” Please

German policy-makers genuinely believe the harsh medicine for Greece and others is the right thing to do, he added. In some ways, Germany is “trying to universalize its own history,” Mr. Kundnani noted. That history includes an extreme leeriness of inflation and debt, plus more recent experience about a decade ago with a series of successful economic reforms, including an overhaul of its labour market.

Germany

“I don’t see Germany as being an outlier. I see it rather as someone who is in the middle ground and seeking a balance. Germany is taking a lead by managing the debate.”

Germany Defeated Yet Again

No, it wasn’t World War III. It was the Endkampf (final battle) for Bailout III. Like, don’t these people ever get tired of surrendering?

Defeat

Europe woke up on Monday to a lot of headlines about the humiliation of Greece, the triumph of an all-powerful Germany and the subversion of democracy in Europe.

What nonsense. If anybody has capitulated, it is Germany. The German government has just agreed, in principle, to another multibillion-euro bailout of Greece — the third so far. In return, it has received promises of economic reform from a Greek government that makes it clear that it profoundly disagrees with everything that it has just agreed to.

“History repeats itself, first as tragedy, second as farce.”

Little Oskar Thinking Out Of The Box Again

Well known for his refreshing viewpoints, Mr. ex-SPD, ex-Left, ex-Bolshevist, ex-you-name-it Oskar Lafontaine himself has come up with a brilliant new idea to save Greece from its upcoming euro Grexit exit: Get rid of the euro first.

Oskar

Being the true radical thinker that he is, he seems to have devised a radical new European economic system by which goods or services are directly exchanged for other goods or services without having to use a medium of exchange like dirty, filthy, old (or in his case new) money. And the way things look right now, Greece will be the first country to get the chance to test this out in a big way.

“Der Euro ist ein Rückschritt im historischen Projekt der europäischen Integration. Der Euro ist schon gescheitert, wir dürfen uns da keinen Illusionen hingeben.”

Greeks Apologize And To Pay Back All Debts Tomorrow

The nation of Greece said sorry to the European Union with a present of an enormous wooden horse.

Horse

Left outside the European Central Bank in the dead of night, the horse has now been moved into the ECB’s central lobby where it is proudly on display.

A gift tag attached to the horse, which is surprisingly light for its size and has small holes along the length of its body, suggested that it should be placed in the bank’s vaults overnight to avoid it being targeted by thieves…

Oddly, Greek representatives in Brussels have hinted that they may soon be in a position to settle their debts and have puzzled the French and German banks that hold their loans by asking if there is any discount for cash.

PS: Thanks for the link, A.K.

Germans So Shocked By Greek No They Decide To Go On Big Fat Greek Vacation

Stunned by the Greek no yesterday and the end of European civilization as they know it, millions and millions of German tourists have spontaneously decided to get their minds off it all by going on vacation to Greece again this year, just like the millions and millions of other Germans who did the same thing last year.

Tourists

Not that it matters anymore or anything, but tourism used to account for 18 percent of what used to be the Greek economy.

“We are still taking bookings for Greece and there is no change in the levels.”

German Of The Day: Schwitzkasten

That’s “sweat box” but actually means stranglehold. You know, like being stuck between a rock and a hard place?

Tsipras

Is the current five-year Greek drama finally going to come to an end today? Hardly, it already ended quite a while ago, the real drama having actually begun long before that, of course, generations before. The name of the drama is “Living Beyond Our Means” and now the current government wants to give Greek voters the illusion that it gets the chance to turn back the clock with one final vote, a final vote that doesn’t actually mean anything, of course, because the money is long gone and nobody is going to give you any-more-anymore. Said current government has seen to that.

It took many, many years of concerted effort – on the Greek side – to get this far, but at least now we will all have an “official” result: However Greece votes today it has already voted to escape “financial asphyxiation” by committing financial suicide.

After all, debt and guilt – “Schuld” – are the same words in German.

German Of The Day: Hand Over The Money Or I’ll Shoot!

Greece

And here you thought that Germans didn’t have a sense of humor. Galgenhumor (gallows humor), OK, but humor all the same.

Public broadcaster ARD, in its Morgenmagazin breakfast show, lampooned the tit-for-tat battle that has ensued between German Finance Minister Wolfgang Schaeuble and Greek counterpart Yanis Varoufakis, 54, in a video clip based on the 2011 French film The Intouchables, depicting the unlikely friendship between a wealthy quadriplegic and his African carer. Schaeuble, 72, has been confined to a wheelchair since he was shot by a deranged man in 1990.

“The problem with socialism…”

is that you eventually run out of other people’s money.”

Socialism

Already on Saturday pictures of anxious savers queuing outside banks to withdraw money were circulating. A slow-motion bank run that had already drained €35 billion ($39 billion) of household and corporate deposits out of the Greek banking system between November 2014 and May 2015 threatens to get out of control. Greek banks have been able to cope with the haemorrhage of deposits only thanks to massive borrowing from the Bank of Greece, permitted by the European Central Bank (ECB) in Frankfurt. The ECB is now likely to call time on this and to prevent further increases in this “emergency liquidity assistance” (ELA). That will in turn force limits on cash withdrawals along with capital controls to prevent money leaving the country… Even if the ECB stays its hand this weekend, it will be forced to act early next week. Without a deal this weekend, the cash-strapped Greek government will be unable to repay the IMF €1.5 billion that is due at the end of this month.

The climax to 10 days of fraught bargaining in Brussels and Luxembourg was the decision by Alexis Tsipras, the Greek prime minister, to call a plebiscite on the terms of Greece’s bailout, stunning the other eurozone governments. “I am very negatively surprised,” said Jeroen Dijsselbloem, the Dutch chair of the committee of eurozone finance ministers. “The situation [in Greece] will deteriorate very rapidly … How the Greek government will survive, I do not know.”

Welcome To The Hotel Kalimera

You can checkout any time you like. But you can never leave.

Tourists

Are German tourists still welcome in crisis-battered Greece? “Definitely!” insists the travel board of Europe’s top economy, which nevertheless issued a few words of caution Thursday.

Protracted talks on Greece’s debt crisis may have driven up tensions with Europe’s paymaster Germany but visitors can still count on a warm reception, the German Travel Association (DRV) said.

But what if Greece should default on its loans, exit the eurozone and reintroduce the drachma? Fear not, the DRV said. “There would only be a limited impact on holidaymakers, particularly those on package tours. Flights, hotel stays and bus transfers are bought and covered by contracts.”