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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: 5776
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 # 9.

#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  


#8. To: Vicomte13 (#1)

I read it as the Jubilee is every 50 years. That would be debt eliminated every 50 years not 7.

"And thou shalt number seven sabbaths of years unto thee, seven times seven years; and the space of the seven sabbaths of years shall be unto thee forty and nine years. Then shalt thou cause the trumpet of the jubile to sound on the tenth day of the seventh month, in the day of atonement shall ye make the trumpet sound throughout all your land. And ye shall hallow the fiftieth year, and proclaim liberty throughout all the land unto all the inhabitants thereof: it shall be a jubile unto you; and ye shall return every man unto his possession, and ye shall return every man unto his family. A jubile shall that fiftieth year be unto you: ye shall not sow, neither reap that which groweth of itself in it, nor gather the grapes in it of thy vine undressed. For it is the jubile; it shall be holy unto you: ye shall eat the increase thereof out of the field. In the year of this jubile ye shall return every man unto his possession."

A K A Stone  posted on  2015-01-05   14:03:24 ET  Reply   Untrace   Trace   Private Reply  


#9. To: A K A Stone (#8)

read it as the Jubilee is every 50 years. That would be debt eliminated every 50 years not 7.

Yes, there is the 50 year Jubilee, but there is also the 7th year Sabbatical, when debts are relaxed and the land lies fallow and servants are released.

The 50th year Jubilee follows the 49th year Sabbath, so there are two consecutive years in which the Israelites were not to sow or reap (conduct a harvest, to store and sell), but only to eat whatever grows directly out of the field.

A full year or two without a planting does a few things: it requires relying entirely on God (which is part of the point).

But I'll have to take this back up in detail after work.

Vicomte13  posted on  2015-01-05   16:22:32 ET  Reply   Untrace   Trace   Private Reply  


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