Since the beginning of the Greek crisis, we have to put some European authorities to their responsibilities: to act instead of decisiveness, the authorities of the Eurozone have left Greece without the patient care. It is true that he had hidden and denies the severity of its symptoms. The doctor Euro preferred to see how the disease would develop. The diagnosis is clear: the euro is on the verge of collapse and the Greek patient in a coma.
The Greek crisis sounded the death knell of the great European illusion.
The knell of European leadership as the Lisbon Treaty was intended to improve and where only one of five presidents (ir) responsible for the Euro, Jean Claude Trichet sounded the alarm. There is no pilot in the plane and we lied at the last summit in Brussels: the conditions for intervention at the bedside of Greece were totally impossible to bring together what has allowed political speech reassuring fund lack of decision. Europe is rich in rhetoric.
The knell of German responsibility Angela Merkel does not seem to states of mind to let slip the Euro has provided the abyss that no action be taken before the maturity German election. Yet its motto, no? But she is not alone and many countries, as often in our history, are happy to hide behind the refusal of Germanic measures they would be unable to “sell” to their public opinion. And Angela Merkel, ask a plan three years in Greece after months of missions on behalf of the discipline of the IMF is a shame. We do not ask a patient with high fever how they will recover his health in three years. Angela Merkel looks set to be elected on the ashes of the Euro.
The knell of fiscal discipline and tax: European countries have a heading or another have all accepted a budgetary drift now affecting the whole of Europe: Great Britain, Ireland, Italy, Spain, Greece, and possibly be others left their budgetary discipline and end up drifting, has title in difficulties. If we add Japan and the United States, the situation takes global proportions.
The death knell of the political action of vertices in tops, European leaders have after six months has not paid one Euro Greece. Europe is in fact powerless to take its responsibilities and confusing action and tense. It’s a travesty that support decisions for Greece and the lack of action by the Greek leaders (who have only to ask for help) and European leaders.
The death knell for the Greek political responsibility: not content with providing fake al’Europe figures, for hiding with the help of Wall Street, a portion of its debt, while denying the evidence that the Prime Minister Greek was in Washington to ask President Obama … the regulation of hedge funds.
The death knell for public debt. With a debt to two years pay 15%, Greece is now ensured to be in default on its debt in the coming days while the finance ministers at Washington was still considering the problems on a case by case basis. Only Dominique Strauss Kahn has consistently calmed everything that would listen, the risk of contagion. One wonders why the european central banks do not invest in such bonds: the yield is excellent and I can not imagine they speculate on default of payment of Greece.
The bell rings. The time counts. Without an advance of 30 billion Euro in the coming days, the whole of European government debt will collapse and with it the bond markets are representative of this debt.
A European leader had told me early in my career that smart people are not lacking, but the brave were rare. He did not say so.