Wednesday, October 26, 2011

Germany--It's Time to Pay the Piper

The German chancellor has some comments about the Greek bailout that has raised some eyebrows. (h/t Instapundit).

According to the latest report of the so-called troika, consisting of experts sent from the European Commission, the European Central Bank and the International Monetary Fund, Greece will need even higher debt restructuring and losses for private lenders compared to what EU leaders had agreed upon on 21 July.

"But debt restructuring alone does not solve the problem. Painful structural reforms have to be made, otherwise even after debt restructuring we're back to where we are today," Merkel warned.
 
That's why, she said, Greece would have to be "assisted" for quite some time. "It's not enough that the troika comes and goes every three months. It would be desirable to have a permanent supervision in Greece," she said, adding that this issue would be brought up at the summit.

In return for what seems to be an unprecedented sovereignty loss in an old EU member state, Merkel promised German investments and mentioned a meeting of local representatives from Germany and Greece in the coming weeks.

"We want Greece to be back on its feet again as soon as possible and will do everything we can to this end," she concluded.
(Emphasis added). Lord Byron must be weeping.

And while you are reading that story, check this one out as well:

The Greek armed forces now appear to be entering the political and street-level debate in the country over EU- and IMF-imposed austerity, with a group of retired Greek officers storming the defence ministry and the armed forces’ professional organisation issuing a stern warning to the government that the military’s confidence in the “intentions of the state” regarding their pensions has been “shaken”.
The story references other incidents showing growing concern by Greek military and veterans.

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