Germany Wants To Keep The EU And Its Economic Sphere Of Influence Together

A spokesman for German Chancellor, Angela Merkel, said, “Greece dropping out of the EU was never being considered in earnest and was not being considered now.” That statement of intent to do whatever it takes to keep Greece and the other southern European nations, ie Portugal and Spain, in the fold defied growing public opinion in the Northern tier of Europe, especially Germany and Finland, to stop propping up the “pigs”.

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.