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 Metatone - Aug 30 4 comments
by gmoke - Aug 26
by Metatone - Aug 22 7 comments
by eurogreen - Aug 21 31 comments
by eurogreen - Aug 15 28 comments
by afew - Aug 19 65 comments
by Oui - Aug 6 65 comments
by Frank Schnittger - Aug 7 78 comments
by Metatone - Aug 304 comments
by Xavier in Paris - Aug 293 comments
by gmoke - Aug 26
by Metatone - Aug 227 comments
by eurogreen - Aug 2131 comments
by afew - Aug 1965 comments
by eurogreen - Aug 1528 comments
by Frank Schnittger - Aug 778 comments
by Oui - Aug 665 comments
by Frank Schnittger - Aug 6188 comments
by Oui - Aug 56 comments