2011/09/03

Are Political Suicides Needed?

The situation can only get worse, since nobody's interests align. The Greeks want more time to meet their budget targets without having to make more cuts that would cause more public angst. The Germans, whose opinions arguably matter the most since they have the financial ammo, are already in a huff with German Chancellor Angela Merkel about expanding the eurozone's bailout fund. More pushback from Greece about meeting its current austerity measures only fuels the fire. The ECB, meanwhile, is struggling to salvage its cherished reputation after vacuuming up billions of dollars in dodgy European sovereign debt, so more slack from its camp is also a tall order. And dinky Finland is making a fuss by demanding collateral for any more cash it forks over to Greece. curiouscapitalist

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