Germany May be Ready to Surrender Over Greece

[marmar]

(Bloomberg) Germany may be getting ready to give up on Greece.

After almost two years of fighting to contain the region’s debt crisis and providing the biggest share of three European bailouts, Chancellor Angela Merkel is laying the ground for what markets say is almost a sure thing: a Greek default.

“It feels like Germany is preparing itself for a debt default,” Jacques Cailloux, chief European economist at Royal Bank of Scotland Group Plc in London, said in an interview. “Fatigue is setting in. Germany could be a first mover or other countries could be preparing too.”

Officials in Merkel’s government are debating how to shore up German banks in the event that Greece fails to meet the budget-cutting terms of its aid package and is unable to get a bailout-loan payment, three coalition officials said Sept. 9. The move capped a week of escalating German threats that Greece won’t get the money unless it meets fiscal targets and investors raising bets on a default. ..........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-09-11/germany-readies-surrender-in-fight-to-save-greece-euro-credit.html

[xchrom]

1. They've made the situation immeasurabley worse.

This is what should have been done earlier - fuck the banksters.

[bluestateguy]

2. When was the last time any country defaulted?

It does seem that bailout after bailout has only staved off the inevitable.

[leftstreet]

3. LOL fuck the banksters!

'budget-cutting terms of its aid package'

Just say no to austerity!

K&R

[sfpcjock]

4. Hartmann's guest recently on The Big Picture RT was talking about debt forgiveness

This is an actually ancient concept sometimes called "jubilee", I believe.

"Debt: The First 5000 Years"
http://www.youtube.com/watch?v=SnOqanbHZi4

Uploaded by TheBigPictureRT on Sep 6, 2011

Dr. David Graeber, professor of anthropology at Goldsmiths College, University of London on his book - Debt: The First 5000 years. How the concepts of debt and credit have defined human history and what this means for our current credit crisis and the future of our economy.

[bluestate10]

5. Germany is the reason why the debt problem became a crisis.

Does not surprise me that they are the first of the nations that can contain it wanting to throw in the towel. I have news for Germany, you are on your own if you fuck up again. The USA does not have the money or political will to save the world from itself again.

[banned from Kos]

6. The German/French banks should have never loaned Greece a dime

Of course, Greece would have had to cut social programs back 40% a long time ago in that case (or collect taxes).

NBG stock is about .80c -- Greece is about to start hurting big whatever they do.

[joshcryer]

7. +1