Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The problem with forcing austerity measures is they destroy Germany’s customer base preventing the profitable sale of the excess manufactured goods cranked out by their efficient industry. The resulting economic crash in Germany would be a real disaster. Germany's best bet is to continue to finance the rest of the Eurozone so they buy German products.
Germany has no reason for any kind of military action because they control the money, the transportation and the production of Europe. They lost the War but Won the Peace. They do not seem to know what to do with the victory.
Maybe Germany should invade Goldman Sachs, after all it was GS that helped Greece hide its debt in order to get it into the EU. The instantaneous payout on this deal was hundreds of millions of dollars for GS. Meanwhile, look has to pick up the tab for faltering Greece now, tax payers all over Europe and even the US.
Greece’s secret loan from Goldman Sachs Group Inc. (GS) was a costly mistake from the start.
On the day the 2001 deal was struck, the government owed the bank about 600 million euros ($793 million) more than the 2.8 billion euros it borrowed, said Spyros Papanicolaou, who took over the country’s debt-management agency in 2005. By then, the price of the transaction, a derivative that disguised the loan and that Goldman Sachs persuaded Greece not to test with competitors, had almost doubled to 5.1 billion euros, he said.
Spyros Papanicolaou, managing director of Greece's Public Debt Management Agency.Papanicolaou and his predecessor, Christoforos Sardelis, revealing details for the first time of a contract that helped Greece mask its growing sovereign debt to meet European Union requirements, said the country didn’t understand what it was buying and was ill-equipped to judge the risks or costs.“The Goldman Sachs deal is a very sexy story between two sinners,” Sardelis, who oversaw the swap as head of Greece’s Public Debt Management Agency from 1999 through 2004, said in an interview. Goldman Sachs’s instant gain on the transaction illustrates the dangers to clients who engage in complex, tailored trades that lack comparable market prices and whose fees aren’t disclosed. Harvard University, Alabama’s Jefferson County and the German city of Pforzheim all have found themselves on the losing end of the one-of-a-kind private deals typically pitched to them by securities firms as means to improve their finances.
They learned the last time..Violence is not the way... They'll call in all their markers soon enough and OWN the same countrys they invade 65 yrs ago.......
Here is an illustration of the real problem. The nation states comprising the EU have lost their sovereignty and the people are finally waking up to this fact that the ECB controls their currency (except for those who opted out of the eurozone), their taxes, their trade policies, and their destiny. The people have no say.
Well, if their neighbors will stop demanding money from them, they will stop demanding austerity measures. The core of the problem is not Germany but the rest of Europe who love to spend other peoples money.
Spoken like a true economic remedial. Much of Europe's problems were not deficit spending. Ireland and Spain both ran a surplus prior to the crash - which by the way is global. Recession means contraction means job losses means lower revenue. By forcing other European nations to impose harsh spending cuts they are deepening the recession and reducing future options for growth. Bond investors are forcing policy which suits the German economy but this is massively short sighted for the euro zone (and Gemany give its huge trade surplus).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.