The indignant public points to the fact that only one year ago a 750 billion euro safety net fund was created and Greece got a loan of 110 billion euros, as reported by a Tuesday, May 10 article in the Wall Street Journal, “Greek Woes Fuel Fresh Fears.” The money got wasted. They say it’s like pouring euros down a black hole. German economist Hand Werner Sinn says that the economies of Greece, Portugal, and Spain might not work right for decades.
Nevertheless the German government keeps on pushing for a delay in the maturity of the Greek bonds despite the value of the euro falling to a low of $1.42 against the dollar due to the Greek bond crisis. They avert their eyes to how Standard and Poors lowered Greece’s bond rating to a single B from a BB-. Merkel’s advisors think patience will win out in the end by providing a greater economic sphere for Germany.