Greece Before the Abyss: Only Bankruptcy Can Help Now

[sysop]

Greece has disappointed its creditors yet again. Now its government plans to ask for more time -- and needs billions more in aid. But Greece's euro-zone partners are unwilling to provide any more help, meaning that the only hope now is to admit defeat and let the country make a fresh start.

http://www.spiegel.de/international/...850250,00.html

[kavadias]

Not that Greece does not need, or does not want, to be relieved of its debts, but *this is not* the only thing left to do, nor is it a solution for Europe's problems!

Since the beginning of the crisis, european (basically German) policy is constantly trying to patch holes in the system and has never tried to make a plan to address the whole problem --we always seem to hope the "gestures" of EFSF, ESM, banking union, and whatever will be next may be enough!

This is ***not*** by chance. Any action that could really bare the title "appropriate" cannot be implemented because our currency union is based on the stringent and unbending rules on which the ECB was established. This completely undemocratic institution is causing the democratic deficit that becomes apparent in Europe, and which media are trying to handle with their usual public manipulation tactics, to preserve vested interests.

A democratic institution ***would not*** necessitate or impose rules on bailouts, total amount of credit (e.g. QE avoidance), and other economic policy manipulation based on the influence on specific nations and long-term elected/positioned central bankers. The interests of nations would be represented in ECB policies and not a single, standard, pre-desided policy that only bends on the interests of the few strongest nations.

As a result, not only planning avoidance is ***not*** by chance, but also there is no will for democratic institutions, and there is planning only against solution. Statements of european officials, Merkel, Sarcozy, etc, are ***undemocratic*** and the decisions taken during the crisis are all undemocratic! Who said any of Europe's peoples wants a banking union or ESM and we are supposed to be bound to them???

I have news for technocrats: ***we are not***!!!

Start discussion on modifying eurozone institution *now*!