Greece Is Now Bankrupt: Germany Faces Impossible Choice

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Greece has just put a spending moratorium in place and will now spend only for salaries and pensions, freezing payments for everything else, which presumably includes vendors and debt payments.

They will increase spending only when the next bailout money arrives, and that may be never.

Now Germany is in the ludicrous position of having to make a decision that will either give Greece more money or force them out of the eurozone. Germany does not want to pony up more money, nor does it want to be accused of forcing Greece out of the eurozone, yet those are the only choices.

OK chancellor, pick your poison.

Much of the problem with the Euro crisis is the big financial institution’s insistence on not taking write-downs on the bonds they bought and “investments” they made which they knew were dicey at best. Thus the governments loan money to failing institutions who promptly uses it to take back debt – but they’ve taken on more debt to do it. So the cycle continues.

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4 comments
Charlotte Dean
Charlotte Dean

“Its too often presented as a necessary trade off between security and civil liberties,” he said. “We can certainly have both simultaneously and each one strengthens the other!”

This is a refreshing viewpoint that should be endorsed by more opinion-influencers...we need to stop phrasing every question as an either or between poles of a spectrum but as a negotiation between the two based on a 20-20 examination of current facts.

Michael Higham
Michael Higham

Civil Liberties should be a nonpartisan issue that should be part of the larger discussion. It's a bit disappointing how Booker hasn't elaborated on the role of govt surveillance

Brian Iniguez
Brian Iniguez

How ironic that the party that supports less government intervention in civil issues isn't taking issue with datamining and storing.

Amanda Le
Amanda Le

Interesting how Germany is proving to be the main voice for the Eurozone being that it's possibly the most stable country within it right now.