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Greece and Germany in War of Words Over Euro Crisis
Keywords:
A call from German chancellor Angela Merkel to the Greek president to hold a referendum on Greece's participation in the eurozone. Political parties in Greece denounced it as considering Greece a "protectorate" coming from the Syriza party, to calling it "unacceptable from the New Democracy party. Karel De Gucht, trade commissioner of the EU, and Olli Rehn commissioner of economic affairs, issue conflicting statements. Gucht says the EU and ECB are working on preparations for Greece's exit, and Rehn says that this in not the case, that Greece is staying in.
A warning light for Greece to exit the eurozone and return to the drachma to restore competitiveness and growth 2011-2012
05/26/2010
Greece needs to lower prices by 31% just to get to the level of Turkey, says the head of the Ifo research institute in Germany, Wener Sinn. Experts fear a breakdown in civil order inside Greece if deflation at this level occurs with Greece still using the euro. Hollande, the Socialist party candidate in France, also expressed similiar concerns, as reported in the New York Times, calling it a breakup in European governance that followed the breakdown in Greek governance. Sinn says the bondholders are overly exaggerating the risks of a breakup in the eurozone if Greece exits the euro.
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Europe's preparation for Greece's exit from the euro 2011-2012
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Germany would lose $127 billion or 3% of GDP, and France about $50 billion or 3% of its GDP if Greece exited the eurozone. The concern about orderly acceptance of the exit without affecting Spain and Italy in financial markets remains.
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German political leaders do not want a "transfer union." At the same time they want to keep the European Union, just as much as Chancellor Kohl and Chancellor Adenauer. Merkel, Schroeder, Schauble and other leaders agree on the need for the European Union. The question is how to bring fiscal discipline to the EU, even if this means redesigning the structure of the EU. The vision of a united Europe persists.
Grouped Articles
Wall Street Journal 03/03/2010
Germany's Surplus Isn't the Problem
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Greek Crisis Shows How Germany’s Power Polarizes Europe
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The 2011 Christian Democratic Union Party Convention in Leipzig, Germany
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It was at the 2003 CDU convention in Leipzig that Angela Merkel told delegates that the CDU would return Germany to it position of economic leadership in Europe.
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Merkel Party Seeks Euro Exit Policy
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Merkel Urges Party to Help Save Euro
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European Bank Chief Pushes Back
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Cost of Greece's exit from the eurozone for France and Germany and indirect costs for Italy and Spain in 2012
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Alexis Tsipras, Greek Political Star, Puts Europe on Edge
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Europe's Missing Contingency Plan as Greek Exit Fears Rise
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Italian prime minister, Mario Monti, on why the European Union will endure regardless of the outcome in Greece
02/10/2012
Mario Monti tells the editors of the New York Times in an interview, that the EU will endure because it was in the interests of Germany. Competitive devaluations if countries left the EU would have an enormous harmful impact on Germany. Germany send two thirds of its exports to EU countries. Monti says even if Greece were to exit the euro the EU will endure. The vision of a united Europe continues to shape its politics.
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The IMF's March 2012 Report on Greece predicting "a disorderly exit from the euro" in the absence of further support
05/27/2010
The IMF says Greece is still "accident-prone" after the dept swap with private bondholders in March 2012. Its competitiveness problem may take a decade to resolve.
Grouped Articles
A Warning Light to Alert the I.M.F.
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EU Dismisses IMF's Criticism On Greek Bailout
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Policy âTroikaâ for Europe Financial Woes at Odds
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Greece Can Learn IMF Austerity from Turkey
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Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
Watch Athens, Not Paris, This Weekend
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Angela Merkel's handling of the financial crises in eurozone countries
04/29/2010
The German response to the debt crisis in the eurozone and the events in 2011-2012.
Grouped Articles
As Greek Drama Plays Out, Where Is Europe?
New York Times 04/29/2010
Germany Clears Rescue for Greece
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Economist 05/13/2010
Germans Respond to Merkel's 'Motherly' Side
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Merkel Wins Big in German Election
Wall Street Journal 09/23/2013
Germany's Surplus Isn't the Problem
Wall Street Journal 11/11/2013
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