The one thing that I have noticed about how the Eurozone politicians handle a crisis. To paraphrase Winston Churchill: they always do the right thing, just six months after the fact when it is too late.
Over at the FT (£) Wolfgang Munchau does a good job of deconstructing the dilemma Greece finds it self in.
A single sentence sums up his thoughts:
"If this was any other field of human activity, you would go to jail if you accepted, let alone made such an indecent offer."
I am not sure why Munchau is so surprised, here is what Jean Claude Junker had to say according to Reuters:
Eurogroup chairman Jean-Claude Juncker warned Greeks that help from the EU and International Monetary Fund would have unpleasant consequences.
The sovereignty of Greece will be massively limited," he told Germany's Focus magazine in the interview released on Sunday, adding that teams of experts from around the euro zone would be heading to Athens....
Juncker also said Greece must privatize on a scale similar to the sell off of East German firms in the 1990s.
"For the forthcoming wave of privatizations they will need, for example, a solution based on a model of Germany's 'Treuhand agency'," Juncker said, referring to the privatization agency that sold off 14,000 East German firms between 1990 and 1994.
What Junker did not say, is that the East German Program lost billions and put 2.5 Million East Germans out of work.
Oh Vienna....
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