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Title: Germany believes euro zone could cope with Greece exit: report
Source: Reuters
URL Source: http://www.reuters.com/article/2015 ... -germany-idUSKBN0KC0HZ20150103
Published: Jan 4, 2015
Author: Erik Kirschbaum
Post Date: 2015-01-04 11:27:07 by nativist nationalist
Keywords: None
Views: 5743
Comments: 16

The German government believes that the euro zone would now be able to cope with a Greece exit if that proved to be necessary, Der Spiegel news magazine reported on Saturday, citing unnamed government sources.

Both Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble believe the euro zone has implemented enough reforms since the height of the regional crisis in 2012 to make a potential Greece exit manageable, Der Spiegel reported.

"The danger of contagion is limited because Portugal and Ireland are considered rehabilitated," the weekly news magazine quoted one government source saying.

In addition, the European Stability Mechanism (ESM), the euro zone's bailout fund, is an "effective" rescue mechanism and was now available, another source added. Major banks would be protected by the banking union.

The German government in Berlin could not be reached for comment.

It is still unclear how a euro zone member country could leave the euro and still remain in the European Union, but Der Spiegel quoted a "high-ranking currency expert" as saying that "resourceful lawyers" would be able to clarify.

According to the report, the German government considers a Greece exit almost unavoidable if the leftwing Syriza opposition party led by Alexis Tsipras wins an election set for Jan. 25.

The Greek election was called after lawmakers failed to elect a president last month. It pits Prime Minister Antonis Samaras' conservative New Democracy party, which imposed unpopular budget cuts under Greece's bailout deal, against Tsipras' Syriza, who want to cancel austerity measures and a chunk of Greek debt.

Opinion polls show Syriza is holding a lead over New Democracy, although its margin has narrowed to about three percentage points in the run-up to the vote.

German Finance Minister Schaeuble has already warned Greece against straying from a path of economic reform, saying any new government would be held to the pledges made by the current Samaras government.

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Begin Trace Mode for Comment # 6.

#1. To: nativist nationalist (#0)

The Greeks should elect Tsipras, and he should be bold and cancel the entirety of Greek debt, government and personal.

Proclaim a Jubilee and wipe out the debt utterly.

Then establish new rules for debt and credit going forward, with debt annullment every seven years.

If people and the government were completely unburdened with debt, it is true that some services and business (that run by lending money) would be lost.

But the bones of the society would knit pretty well, and under a new regime of 6-year debt only, things would rapidly adjust to it. It would not be a "Western" model, to be sure, but the Greeks who were willing to work (planting and harvesting their own gardens, and settling hinterlands and islands) would end up being far better off for it: happier, freer.

Germany wouldn't like it, but who are the Germans to rule Greece?

Vicomte13  posted on  2015-01-04   12:25:22 ET  Reply   Untrace   Trace   Private Reply  


#5. To: Vicomte13 (#1)

Then establish new rules for debt and credit going forward, with debt annullment every seven years.

Why 7 years. I may be wrong but if I remember correctly a Jubilee was every 40 years.

A K A Stone  posted on  2015-01-04   23:26:08 ET  Reply   Untrace   Trace   Private Reply  


#6. To: A K A Stone (#5)

I'll reply later with the comprehensive rules as God laid them out end to end.

The natural thing that a modern person does (and an ancient too) faced with God's economic plan is resist it, because it doesn't let men get where they want to get (which is to a position where their money is earning money so they don't have to work, but others do). That objective of men is not a legitimate one, and God's economic plan doesn't let men do that. So men don't like it.

Which means that they don't like God's view of things and are wrong. It does not mean that God is naive, or foolish, or doesn't understand how economics work. It means that the way God wants men to live is not the way many men want to live, so they ignore him.

The Jubilee was every 50 years, and the Sabbatical was every 7.

But as I say, I'll post the whole economic structure later, when I have time, and then I'll apply it to modern life.

I guess the core of it is that a place to live is a birthright that man is intended by God to have for free.

So you have to factor in that under God's economic plan, lodging is a zero cost, for life.

So when you're trying to grapple with how a Biblically-precise economy would work, you need to start with the recognition that nobody would have a mortgage or a rent payment on his primary residence, and that this residence could never be taken for tax, debt or any other reason. IT is secure and absolute, and free.

Housing is not an area where God intended for men to be able to exert dominance over other men.

Vicomte13  posted on  2015-01-05   7:47:48 ET  Reply   Untrace   Trace   Private Reply  


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