Dumbkopf! Ve haf vays...
Same thing has occurred to me. Who has more to lose, the PIIGS or the Germans?? Quite obviously the Germans! Either they lower the bailout interest rate or they destroy their own currency.
The big one will be when the US defaults, which might just be by the 2013 deadline!
GBP:EUR at the bottom of its long term trend too!Bounced nicely after Greece and the GE in May 2010.
Germany, via the EU, is carefully engineering the crises in Greece, Eire, etc so that it can install its own men in the target country's finance ministry as a condition of the loans.The Germans know the real power is money, their chief minister is not the Chancellor for nothing.
Even if those countries were to default on their government debt, it would not solve their nation's structural deficits which were compensated by their currency devaluing versus the DM. I think you'll find that this is the real problem for the euro.
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