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2011 November 02 — Why Now?
On-line Opinion Magazine…OK, it's a blog
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The Fun Never Stops

The ABC reports that Merkel, Sarkozy read riot act to Greece

The leaders of Germany and France have told Greece it will not get another cent in European aid until it decides whether it wants to stay in the eurozone.

Nicolas Sarkozy and Angela Merkel held talks with Greek prime minister George Papandreou on the sidelines of the G20 meeting in Cannes this morning after Mr Papandreou announced shock plans to hold a referendum on the country’s multi-billion-euro bail-out deal.

After the talks, German chancellor Ms Merkel said: “We would rather achieve a stabilisation of the euro with Greece than without Greece, but this goal of stabilising the euro is more important.”

French president Mr Sarkozy hammered home the same message, telling a joint news conference with Ms Merkel: “Our Greek friends must decide whether they want to continue the journey with us.”

Those who have been playing along at home are aware that the vast majority of the money being ‘loaned’ to Greece is actually being paid to French and German banks. What has Angie and Nick so upset it that if the Greeks don’t play along, it will be French and German taxpayers who will have to keep their banks solvent, rather than the Greeks.

To be absolutely clear – it isn’t the Greeks who are being bailed out, it’s the banks. The ‘technocrats’ who come up with the assistance packages are part of the financial system that caused the global meltdown.

November 2, 2011   Comments Off on The Fun Never Stops