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German cabinet minister calls for Greek euro exit

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posted on Feb, 26 2012 @ 01:06 AM
UK Telegraph

Germany’s interior minister called for Greece to leave the eurozone on Saturday as hopes that the world’s richest countries would stump up more cash to help the International Monetary Fund (IMF) fight Europe’s debt crisis faded.

Oh Billy, so the world's richest countries aren't so keen to boost the kitty to fight the Eurozone financial crisis after all? I thought we read some assurances recently that there were countries standing ready to commit funding aid? Oh well...

Becoming the first member of Germany’s cabinet to openly call for a Greek exit, Hans-Peter Friedrich told Der Spiegel magazine that Greece’s chances of restoring its financial health would be greater outside the euro.

“I’m not saying that Greece should be thrown out but rather to create incentives that it can’t say ‘no’ to,” he added.

The clearest indicator so far on Germany's intentions, they want Greece out of the Euro, but probably would be far easier said than done. But then, to remain might pose even much bigger problems because if they even solve the current Greek dilemma with securing bond holder agreement, which I don't think has been done yet, it could open up a whole new dynamic in the crisis should other countries also want the same favors granted to them and their debts.

Eurozone leaders have been negotiating with the US, China and Japan to contribute more to the IMF to build a “financial firewall” that would shield the likes of the Spanish and Italian economies from any intensification of the region’s crisis this year.

Despite fears in Washington, Tokyo and Beijing that Europe still poses a real threat to the wider global economic recovery, they want to see Europe take further steps first. America’s opposition is fiercest, with the White House making clear it won’t contribute more to the IMF. “What we don’t want to see is the IMF substitute – and it really cannot substitute – for a stronger European response,” US Treasury Secretary Tim Geithner said.

Good luck with getting those contributions from the rest of the world. that's probably why the German cabinet minister is calling to remove Greece from the euro before there's rapid metastasization.

posted on Feb, 26 2012 @ 01:54 AM
They want to stop sponsoring a country so they can save more funds with which they want to sponsor countries, because what they do is sponsoring countries?

What sense does it make to kick a country out then? Back to the old days of imperialism only different, this time it is banking imperialism. *imagine The Empire themesong for extra entertainment value*
edit on 26-2-2012 by InfoKartel because: (no reason given)

posted on Feb, 26 2012 @ 01:55 AM
To use the term 'firewall' in terms of the global economy means that trust is at an all time low and shielding is taking place as some fall out is expected. Surly there must be other ways to establish government funds rather than leaving it to market forces. It has been a roll of government to overcome the conflicts of interest that money can create in social order, not be directed by it.

posted on Feb, 26 2012 @ 04:53 AM
reply to post by InfoKartel

I think you're right, it doesn't make sense like this.

As a German, I believe this rhetoric is already the foreplay for our own withdrawing from the €Z.
Preparations are already made behind closed doors and what we see here are the first steps of damage containment.
We will either witness the fall of the €Z as a whole, or we will see a much smaller but stronger version emerge from the current EU.
edit on 26-2-2012 by ColCurious because: (no reason given)

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