Friday, November 26, 2010

CALLING GERMANY! CALLING GERMANY! YOU ALLONE.. by T.G.ASH

The eurozone crisis is far from over. If Spain follows Portugal and Ireland, historic acts of statecraft will be required
''If the eurozone falls apart, it will be because Germanydid not do enough to save it. If the eurozone is saved, it will be thanks to Germany. This is the greatest challenge to German statecraft since the country was peacefully united 20 years ago. At the moment, the leaders of Europe's central power are not rising to the challenge, but they still have a few weeks in which to show that they can. Thereafter, it may be too late.
We are now into act two of the eurozone crisis. Act one was the Greek tragedy, exacerbated by a German chancellor who prevaricated in the face of media and public opinion, furiously hostile to bailing out those feckless heirs of Oedipus, as well as concerns that Germany's constitutional court would declare a bailout illegal. It ended in dramatic negotiations in May, which produced what is, in all but name, a European bailout mechanism..'' The Guardian''
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