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that sanity prevailed over pigheadedness. But I fail to see why the Germans didn't let the French and Italians bail out Greece without them, if they were so worried about wasting German money... because it wouldn't have shown Germany in a worse light than before, would it?

5% is actually a number close to German wishes than what would have made full sense. At least it's probably a number that Greece can live with.

It's a good compromise, overall, it can even be spun that way.

Wind power

by Jerome a Paris (etg@eurotrib.com) on Tue Apr 13th, 2010 at 05:36:45 AM EST
There goes the crowd.  I am their leader.  Therefore I must follow...

notes from no w here
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Tue Apr 13th, 2010 at 06:40:12 AM EST
[ Parent ]
Yes, I find that particularly strange - why would Merkel put her political position on the notion that "hardworking Germans shouldn't pay for lazy Greeks" and then turn down a plan where France and Italy do the bailing out?
by Metatone (metatone [a|t] gmail (dot) com) on Tue Apr 13th, 2010 at 09:25:07 AM EST
[ Parent ]
If Germany doesn't contribute they can't claim to be supporting the rest of Europe all by themselves.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Apr 13th, 2010 at 09:41:46 AM EST
[ Parent ]
It's a lot better than what was happening before. But wrenched from Merkel by a Sarko-Berlu tandem, it speaks volumes of the lack of statesmanship in Europe at the moment.
by afew (afew(a in a circle)eurotrib_dot_com) on Tue Apr 13th, 2010 at 09:29:27 AM EST
[ Parent ]
Before the weekend the Spanish press was claiming Zapatero (as rotating Council president) was trying to press other countries to come to an agreement on Greece.

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Tue Apr 13th, 2010 at 09:40:45 AM EST
[ Parent ]

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