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Half of Germans oppose Greek bankruptcy

Posted by WARREN MOSLER on September 26th, 2011

makes sense.

The ECB funds Greece which facilitates the purchase of German goods and services, including military,
at ‘no cost to the German taxpayer.’

Germany gets to control/impose austerity on Greece,
which keeps the euro strong, interest rates low, and punishes Greece for past sins.

Half of Germans oppose Greek bankruptcy (AP)

 
A poll finds that half of Germans oppose letting Greece go bust and a majority believe a Greek bankruptcy would be bad for their own economy. The ZDF television poll published Friday showed that 50 percent of respondents wouldn’t favor the European Union letting Greece go bankrupt, while 41 percent would. It says 68 percent believe such a bankruptcy would be economically bad for Germany and only 15 percent expect positive effects. Athens is working to persuade international debt inspectors to authorize the next batch of bailout cash. Without the euro8 billion, Greece has said it would run out of money next month. The poll of 1,229 people was conducted from Tuesday to Thursday and has a margin of error of plus or minus 3 points.

5 Responses to “Half of Germans oppose Greek bankruptcy”

  1. ESM Says:

    “The ECB funds Greece which facilitates the purchase of German goods and services, including military, at ‘no cost to the German taxpayer.’”

    I thought German exports to Greece were costs to German residents. And just think of what Germany could accomplish if they kept those military exports for themselves… Come to think of it, it’s better that Greece and Italy get them.

    Reply

    Rodger Malcolm Mitchell Reply:

    @ESM, Germany is monetarily non-sovereign. Unlike a Monetarily Sovereign nation, it must export in order to survive long-term.

    “. . . punishes Greece for past sins.”
    Greece’s only past sin was to surrender the single most valuable asset any nation can have: Its Monetary Sovereignty. Every other “sin” derived from that.

    Rodger Malcolm Mitchell

    Reply

    RJ Reply:

    @Rodger Malcolm Mitchell,

    Agree

    A terrible error by Greece

    Surely Germany need countries like Greece to run trade deficits. And don’t trade deficits really need Govt deficits as well. The two (trade and Govt deficits) often go hand in hand.

    So I’m unsure what the past sins are. They are doing what they need to so that German can export. Only German ignorance stop them seeing this

    The ECB should just finance Govt deficits as required.

    Reply

    Rodger Malcolm Mitchell Reply:

    @RJ, Trade deficits require government deficits or borrowing.

  2. Glaukus Says:

    Most of protests are Staged and very well Orchestrated, they pretend fighting but do not hurt each other. This is worth it to get hundreds of billions from EU. Greeks are very smart; the deception started with the Trojan Horse and is going on with very well orchestrated “PROTESTS”. If you want Greece to be paid off, for the Enormous Army, Universal Free Health Care, Lucrative Pensions, and Taxes that they never Pay, then you pay them by yourself, PAY THEM OFF, BY YOUR OWN POCKET.
    DON’T LET GREECE TO DRAG YOU DOWN. CUT OFF THE ROPE, AND LET THEM GO FIRST…Because A fed bear is a Dead Bear.

    Reply

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