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As Ireland Flails, Europe Lurches Across the Rubicon
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A behind the scenes account of the chain of events after the meeting of French President Sarkozy and German Chancellor Merkel at the seaside resort of Deauville, France, on October 18, 2010. Based on interviews with EU officials this account shows how these events are leading to closer union of the 16 nations of the European Union. At the seaside meeting Sarkozy met privately with Merkel. Merkel offered to take back the German demand for automatic penalties for nations failing debt guidelines. She insisted that bondholders should bear losses if a member nation of the EU defaults. The French president agreed to accept the German condition knowing that Germany was reluctant to support the bailout fund beyond 2013, and German public opinion was souring on the bailout. The European Central Bank president, Trichet, was furious that the two leaders were undercutting his efforts to create confidence in the euro. Trichet told Sarkozy, he must not understand how serious the situation was. Sarkozy told Trichet, "you must be talking to the bankers," "we are responsible to the citizens." Weeks of negotiating between the ECB and the Irish government followed, leading to the bailout of Ireland. The contagion effects on Portugal and Spain created more tensions for the euro. Merkel softened the German position and the EU leaders meeting in December 2010 moved in the direction of a closer union. Bondholders would still take losses but only if one of the EU member states were to become insolvent. And after months of discussion and debate the EU leaders realized that the only way forward for the European experiment was to build a closer financial union. Germany's future, Merkel told the German parliament, was in Europe.
The Sarkozy-Merkel meeting in Deauville, France, October 18, 2010, that sets the stage for a closer union for the EU.
12/27/2010
Germany and France make the momentous decision to move forward with a closer fiscal union of the 16 nation European Union. The efforts to build anew the conditions for the Euro to succeed. The vision of a united Europe persists.
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As Ireland Flails, Europe Lurches Across the Rubicon
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The European Union currency since its inception and after the economic crisis of 2008-2009.
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German banks have large holdings of Greek bonds, and much larger holdings of bonds from the crisis affected countries of Greece, Portugal, Spain and Ireland.
Grouped Articles
Already Holding Junk, Germany Hesitates
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Portugal to cut wages, raise taxes
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The growing debate over bondholder haircut, easy money policies, sacrifices, and austerity policies.
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This debate puts British prime minister Cameron, and German chancellor Angela Merkel, on one side, with US President Obama, US central bank chairman Bernanke and other leaders on the other side. The blanket Irish guarantee of all Irish bank debt is an example of improper action that could have prevented the need for an Irish bailout, when guaranteeing only retail Irish bank debt would have worked. Merkel has insisted on bondholders sharing in bank losses, and tougher action required for countries receiving bailouts.
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A Crisis Needing More Sacrifice
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EU Outlines Bond Restructuring Plan
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Europe Backs Irish Rescue and New Rules on Bailouts
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'Contagion' and Other Euro Myths
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Angela Merkel's handling of the financial crises in eurozone countries
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The German response to the debt crisis in the eurozone and the events in 2011-2012.
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Germany Clears Rescue for Greece
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Merkel Wins Big in German Election
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Germany's Surplus Isn't the Problem
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The vision of a united Europe persists during the eurozone crisis.
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New York Times 05/22/2014
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As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
Merkel's Defense of Euro Forged in East Germany
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Portugal Premier: No Bailout Needed
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Merkel, in Reversal, Urges Rescue of Euro
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The European Union and the financial crisis of 2010-2011
05/13/2010
The E.U. and the $1 trillion package to calm the panic in financial markets after the crisis in Greece. Efforts to prevent the contagion effects spreading to Spain and Portugal.
Grouped Articles
New York Times 05/22/2014
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Don't Rule Out a Double Dip Recession
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Wall Street Journal 05/22/2010
Luxembourg Foots a Big Piece of the Greek Tab
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ECB Chief Seeks Tighter Fiscal Union
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German reaction to the debt crisis in Greece, Portugal, Spain and Italy.
04/09/2009
Germany said to be turning nationalistic in this crisis, seeing Germany's economic successes as its own, and not accepting the advantage of export markets in Europe in strengthening Germany's economic position.
Grouped Articles
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Germany's Surplus Isn't the Problem
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How Italy's ENI Vastly Boosted Oil Output
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Greek Crisis Shows How Germany’s Power Polarizes Europe
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New York Times 05/26/2010
John Cochrane and other experts give a no-nonsense view of the bailouts and the financial crises facing Europe
12/02/2010
Insights that the real problem is short term debt financing. The need for the EU to insist on long tem debt financing for governments in Europe. The solution for this crisis is not in bailouts of Greece, Spain, Italy and so on, but to swap the short term debt for debt with longer term maturities, and for bondholders to take a haircut. Similiar to the Brady Plan for Latin America in the late 1980's. The bailout of Ireland in reality not a bailout of Ireland, as a bailout of German and British banks that made risky loans to Irish banks and the Irish government. The U.S. government's debt also tilted to short term debt and problems similar to European problems.
Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
'Contagion' and Other Euro Myths
Wall Street Journal 12/02/2010
As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
Running the euro zone: Pact of uncompetitiveness
Economist 02/12/2011
Wall Street Journal 03/11/2011
Europe Needs to Apportion Pain
Wall Street Journal 03/17/2011
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