beginning of the year were excluded grants for Greece or categorical. Reason: incompatibility with laws in force in the euro zone, which provides for penalties on the contrary, in case of excessive deficits. A few weeks later bypass financing were considered, the IMF could help, otherwise create the euro zone a precedent for Portugal, Spain, Italy, ...
with vague pledges support experimented, probably committed at the same time, the Greek Government on the award to need no help to ease the speculation on the state of bankruptcy, but Greece's credit continued to deteriorate. Experiment failed. Government people-perspective, however, positive: the taxpayers of the euro zone are used to the idea of Greek loads. And last week, then came the three lines from Greece, that € 45 billion would be needed. Who expects to it?
Subject to a "credible austerity package" now apply grants / guarantees as almost inevitable, even if Schäuble threatens a veto. The composition: € € 15 billion IMF and the EU-zone 30 billion. On the package of the euro zone, Germany is 28 percent here, so € 8.4 billion, missing messages so far, how high the German contribution to the IMF aid. Certainly not too tight. Chancellor Angela Merkel speaks of the "guarantee" and supposedly expected that Greece will remain solvent, which already "bank rescue" was not true. It just makes a difference whether someone is guarantor for productive investments or debt consolidation. This explains the key media to the citizens do not prepare all appropriate, to even higher loads, as the interest rate calculation indicates when the interest rate does not increase.
will initially issue the guarantee by the Kreditanstalt für Wiederaufbau (KFW), which were to the "bad bank" is the Ministry of Finance, because the difference between KFW commitment and budget items in the federal budget is only that we, the government deficit will be fined. This is another example of the sleight, the financial crisis worsened, in which the politicians lose the overview and control. "Athens has to save"
sounds more human than "the Greeks are to save," but politically probably an even tougher austerity program to fail because it seems unnecessary to the Greeks, while others pay for them - can and indeed in debt, so that ( ). And the Greek economy has anything but growth has nothing to counter financing.
A common currency without a common fiscal policy, as required by the Euro-model, needs either either the exclusion of members from the stability criteria or misconduct is illusory.
Mark Rabago>> discussion
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