Quote of the day
“a guinea pig in a battle between Europe and the international markets”
- how Greek prime minister George Papandreou described his country’s current plight. Finance ministers from the eurozone’s member countries will gather for a regular meeting tomorrow evening, amid hopes that their broad promise on Thursday to stand behind Athens as it battles with a massive public deficit would be enough to halt the euro sell-off. But behind the scenes, Paris and Berlin accept that a fresh outbreak of investor jitters could force them to take more concrete action. (no definitive rejection of UK involvement in any action yet either – Ed.)
A feeble attempt to distance himself from responsibility for Greece’s current plight.
They spent like fools, buying votes, always believing that their entry into the Eurozone insulated them from the full force of the markets. Germany surely would not allow the Euro to be destroyed by the PIIGS.
If France and Germany decide to prop up Greece, they tear up the Treaty principles. If they don’t they possibly consign the Euro to the dustbin of history. Europe is a political tool, the Euro essential to its survival, principles will stand for nought and the treaty will be manipulated to save the failed Euro.
Times like this always remind me of James Caldwell’s famous quote (he was an advisor to Clinton in his first term):
“When I was a kid, I wanted to come back as President or perhaps the Pope. Now I want to come back as the US bond market. That way I’ll scare the s*** out of everyone”