Thus reads the headline to AEP's piece in today's DT. He has some good quotes. Greece again threatening to go to the IMF. The Greek PM prefers a 'European solution' but knows it will be cheaper to go to the IMF and borrow at around 3.25%. I dont know why we don't do that. Well I do know, its the election.
A Silvio Peruzzi from RBS said the IMF solution is suicidal, "It completely undermines the credibility of monetary union. It would show that EMU is not viable because it lacks the fiscal means to absorb shocks. If they can't help out a small country like Greece its not worth going on with the project. Sacre Bleu! Treason!
Could it be that if the IMF do it the Italian share of the bill will be 3% and the US, Japs and Brits will cough up 28% under IMF rules. It will only cost the Germans 6% compared to the near 100% under the European solution. No wonder the Germans favour an IMF solution and it puts the IMF hard men in charge of, and blamed for, the painful Greek austerity plan.
So the great project suddenly looks shaky under pressure when the united states of Europe reverts to squabbling nation states. I remember a British diplomat saying about the EU that it will break up eventually because they all basically hate each other.
But this is only money. Just imagine if it were war. We have already seen what happens with German soldiers that can't go out at night without an escort in Afghanistan. If, God forbid, there is trouble in Europe where will the EU run to? That's right, big bad Anglo Saxon dominated NATO, the military IMF. This is not an enviable prospect. The alternative may a real Fourth Reich now the Prussians have got their industrial sector back.
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