The Olympics in London are underway and at this very moment Germany has not yet won its first medal (Sunday 29/07/12). Yet everyone knows that medals will come !!!
However, while everyone is concentrated on the Olympics, Germans are more worried about the EURO !!!
What will EUROZONE politicians decide about the current requests for financial aid by:
- Greece ?
- Spain ?
- Italy ?
The last two countries could require more help than the increase in the Balance of Payments of Germany during the last few years !!! Other EUROZONE countries like (France, Holland, etc) could not really help !!!
In this context, one should not forget that all countries are not equal: Cyprus, Portugal, Ireland and the Benelux countries and others in Eastern Europe, cannot apply stringent Directives like the 3% Budgetary Rule !!!
Germans are now more than just hesitant about what should be done !!! Opinion Polls question past policies and in particular the policies of Merkel. German politicians will be quick to replace her if her defeat next Spring becomes a possibility.
In this context, Barroso, a former left-wing politician and Portuguese Prime Minister (President of the EU Commission) who got the finance for Portugal when it was needed, and the two Italian Marios, Draghi (President of the European Central Bank) who pledged he would do his all to save the EURO, and Monti, known as "Super Mario", the very subtle left wing Italian Prime Minister, will also do all to save the EURO, and, of course, to save their country, Italy !!!
Saving the EURO is no longer a question of saving or preserving an ideal !!! It is now a question of "saving" the economies of 17 countries !!! The real question is "at what cost and who pays ?" Most Germans and other thinking citizens of the EUROZONE and the EU are asking themselves similar questions !!!
EU leaders can no longer avoid answering questions like these from their electorates !!! Spain, Italy and Greece need financing urgently !!!
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