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Euro-zone and Herman's poems
by Thanos Kalamidas
2012-01-13 07:15:47
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I’m afraid all the New Year resolutions about the European economy failed but I bet all Merkel’s resolutions about the German economy are going to succeed and this covers the economic situation in Europe for the glorious year 2012. By the way and I’m not sure if you noticed it in the media, somebody somewhere found Herman Van Rompuy, woke him up from his deep sleep and he expressed his deep worries. Most likely after that he returned to his sleep or to his poetry composing because any trace of the European president is missing.

And perhaps Herman’s name disappears from the global media but Angela’s is there all the time making you wandering if she took over Europe while we were partying for the Christmas and nobody told us or send us the memo. Oh yes, Nicolas tries all the time to squash around her but unfortunately he obviously doesn’t fit and he’s in all the photos but missing in the decisions part.

Amazing and I needed to read it twice before understand what I was reading. Last week Germany checked to borrow money from the European trusts and the German banks and borrowed over three billion Euros with …negative interest. Apparently the banks paying Germany to borrow money from them. And you know that the banks at the moment are not pride for their philanthropist agendas so lending money without interest sounds like bribery to me. And it doesn’t stop there since Germany borrows with negative interest but lends with interests that reach 7% - for any doubts ask Italy and Portugal. And I forgot how you call this act!!! You never know, Herman might compose a saga!

In the meantime the economic greed tanks came with a new solution with the Greek debt – don’t worry Portugal, Ireland and Spain will follow – and they are going to include in the future terms for the help that any case between the Greek state and anybody who lends money will go through the British and not the Greek courts. Let’s make a hypothesis. Greece goes down big and out of the euro-zone. First of all the debt will double, triple, quadruple depends how much the drachma will be deflated in the first three months. Of course Greece will never be able to pay this amount even if the haircut has gone up to 65% as the rumours have it lately. What’s next? Germany past shows the way. The German banks put price tags in anything owned by the East Germany after the reunification. The total amount was 600 billion Marks. Do you know how much the German state collected after the sale? The huge amount of 40 million! The rest 560 million disappeared somewhere between banks and bonuses. Conclusion? Acropolis will decorate Angela’s garden and Parthenon will host Circus de soleil!  I suppose for the even and in the name of the European unity Van Rompuy will compose another poem!

And just remember, Greece is just the first and they like it or not despite all the comments from all sides that Greece is an isolated issue the French banks have already felt the bite of the domino effect and it was a very deep bite, so deep that France nearly lost her triple A; a situation that would lead to a tsunami in euro with unpredictable sequences. And is not over yet, it is just that Nicolas holding tidily Angela’s hand tried to charm them and at the moment he has managed to do so but the question for how long remains.

In the meantime Angela is heading for elections and the German banks and the German industries might adore her but the German people can see that their future is not far from the Greeks, the Spaniards and Portuguese future and the middle class, the foundation of her electoral ground has lost much of its power the last few years. But it doesn’t matter because Herman will definitely compose a poem for the good old Euro days!!!

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