The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
This new German position seems to suggest that they think it won't be systemic... Or that they are preparing to bail out local institutions?
See Jérôme's link.
This new German position
It aint' that new. I first noticed and reported it one month ago, but it generated scant analysis. (Regarding the 2010 bank moratorium on selling Greek debt, I first read of it in a German newspaper I bought on my travel last week.)
Regarding what this position suggests: methinks the motivation is not some big strategic consideration, but fear of the don't-spend-our-precious-tax-euros crowd in the own ranks and electorate.
preparing to bail out local institutions
Unlikely, IMHO. On one hand, as you argued, the shift from private to public hand already happened (the largest German owners of Greek debt are the EU bailout participant KfV and the publicly owned "bad bank" successor of the failed real estate bank HRE), the remaining exposure of private German banks in Greece is no more critical. In addition, the game regarding the Landesbanken (the supposedly ailing semi-public banks of federal Germany's states) is more complex: on one hand, state governments would like to keep them for financial autonomy, on the other hand, neoliberals would like to see them fail and be sold off to private banks. IOW I don't think there is a coherent strategy at work.
One whose delusions are out of fashion.
by Frank Schnittger - Jun 21 18 comments
by Migeru - Jun 17 16 comments
by Frank Schnittger - Jun 17 9 comments
by gmoke - Jun 13
by Frank Schnittger - Jun 11 25 comments
by gmoke - May 29 23 comments
by Frank Schnittger - Jun 2118 comments
by Migeru - Jun 1716 comments
by Frank Schnittger - Jun 179 comments
by gmoke - Jun 13
by Frank Schnittger - Jun 1125 comments
by Frank Schnittger - Jun 54 comments
by gmoke - May 2923 comments
by Zwackus - May 28109 comments