Yesterday's revelations that Germany had demanded that Greece surrender its sovereignty to a EU imperial governor again shows that Germany considers itself the ruler of the Eurozone, if not all the EU. The arrogance - aside from the sheer stupidity which is another matter - should be a wake up call to Italy, Spain and Ireland that as long as they remain "not German" the EU will not fully accept their roles or input. The Greek reaction was understandably harsh to this suspension of democracy to save the Euro.
The fact of the matter is that Greece is bankrupt. It does not have a liquidity problem. It is bankrupt and should leave the Eurozone. This would create a good deal a disruption, but for Greece it is a necessary step if it (and countries like it) are not continually subjected to German visions of economic genius which is geared solely to protecting the German export driven economy. Greece needs to have its own currency again.
Additionally, the German position which seems to rest solely on austerity and no growth, is in danger of sinking the entire EU. The Hooverism of Merkel and her party is going to destroy the economies of Europe - except for Germany.
Germany - and France at times - have aggressively pushed the concept of austerity-for-all. At the same time, the ECB has been obsessed with inflation. The combination is a recipe for a disaster and will not solve the debt crises.
I'm glad I'm not paid in Euro.
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