Friday 4 November 2011

Eurozone: Lost marble(s) or Athenian genius?

As Jean-Claude Juncker said, others can help Greece only if the Greeks help themselves.

To every thing there is a season, and a time to every purpose under the heaven, so the rest of the world cannot keep riding the Greek rollercoaster forever.

How have matters developed after my post on the risks of EU or eurozone exit and chaotic default for Greece, as well as before my latest entry on the continuing dra(ch)ma, which has made us more Europeans than ever?


rszbt Beate Reszat 
Amazing: Greece makes us become Europeans: MT @RalfGrahn: Grahnlaw: More Greek Dra(ch)ma #eurocrisis #gfc2 #EU #G20

Here are a few updates from the European public sphere, as reflected on multilingual, the euroblog aggregator.

Federal policies

George Irvin wants a future federal euro area to govern policies on wages and productivity, given the problem of trade imbalances.

Lost marble(s) or stroke of genius?

Has the Greek prime minister George Papandreou fully lost it, wonders Megan Greene. Will his political ploy materialise? If it does, the outcome is unclear. Anyway, a default cannot be avoided indefinitely, but a disorderly default poses a risk to the eurozone.

Is George Papandreou a political genius, asks Erik Dale, and argues that he is. He made the IMF and the EU pose an ultimatum to the Greek people, instead of doing it himself. Just in time for the next batch of money.

Greece and China

Greece and China are on Gunnar Hökmark's mind (in Swedish). Greece is full of unanswered questions. China and other surplus economies need to offer their citizens more spending power.

Deus ex machina?

Francesco Guarascio sees many challenges for Mario Draghi, but with European Financial Stability Facility (EFSF) leverage deal hanging in the balance, the European Central Bank might again find itself to be the only shield available to prevent a complete meltdown.

Freedom's just another word for nothing left to lose

Merkel is giving the Greeks a free choice on staying or leaving the eurozone, writes (in Swedish).

Whether mere political operator or democracy’s champion, Papandreou will by hook or crook give the people a voice, hopes A curious Yankee in Europe's court.

In a rare appearance of a euroblog in Portuguese, Restolhando/Rustling ponders a Greek popolution asked to choose between two ways to die.


My take: What EU citizens lack are the democratic and robust institutions at European (eurozone) level, where the issues are. Only democracy and sufficient powers can end the tortuous and torturous road of failed attempts and half-measures, including such as the Papandreou ploy.

Ralf Grahn

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