Warning sign in Greek tragedy
Published 03/07/2011 | 05:00
Was this the week where the first chink appeared in the strategy of the ECB to cannibalise the lives, and future, of a continent in order to preserve the interests of French and German bankers?
The French initiative, where 50 per cent of Greece's debt to certain bankers will be rolled over for 30 years, certainly walked and quacked like a new policy of managed default. Sophists and economists can dress it up whatever which way they want, but our amoral French 'partners' appear to have realised the possibly even more amoral Greeks either can't or won't pay.
Though Angela Merkel may yet learn the hard way you can never trust collaborators, for now, when it comes to Greece, the favoured public option is still the mailed fist. It hardly enhances the concept of 'integration' when the image of Europe that is presented to the world consists of austerity plans being bayoneted through bloody streets. Still, as Greek MPs were smuggled out of their parliament to avoid anarchist mobs, it was at least clear that, like all good Prussians, the ECB will fight to the last drop of Europe's citizens' blood to ensure its balance sheet is preserved.