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If Greece gets its bailout and stays in the eurozone, it will be part of the Fiscal Union. By then, nobody will be able to get out. The BundesCourt has ruled against ESM, but a central tenet of FiskalPakt is that it must boost the ESM ‘firewall’….against contagion from Greece – one of its members. The Berlin Government will be in breach of its constitution if it so much as signs the ESM in the summer. So a Fiscal Union ‘infected’ by Greek problems will be far more open to further disasters…and lacking money to address them. The Karlsruhe Court can be ignored for a time….but the Greek reality cannot. Greece must be allowed to default and leave the eurozone….otherwise the Fiscal Union will be at risk. And if that Union fails, so will Germany’s finances. There will be nothing left in Europe but the rubble of Babel’s Tower of Hubris.
19.25 German finance minister Wolfgang Schaeuble has admitted that he discussed openly with Greece's finance minister Evangelos Venizelos whether it would be better for the country to leave the euro.