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Spiegel.de: Aufmarsch der Euro-Zauderer: Streit über Griechen-Hilfe (16.06.2011)
Ein Ausweg ist derzeit nicht in Sicht. "Wir möchten Zeit kaufen, weil wir nicht wissen, was wir tun sollen", zitierte die Nachrichtenagentur Reuters am Donnerstag einen EU-Diplomaten, der damit die deutsche Argumentation beschrieben habe. Es ist ein Satz, der die verfahrene Situation in ihrer vollen Pracht entlarvt.
March of the Euro Procrastinators: struggle over Greek help
A way out is, for the time being, not in sight. Reuters quoted an EU diplomat on Thursday describing the German argument thus: "we would like to buy time, because we don't know what to do". It is a phrase revealing the muddled situation in its full glory.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sat Jun 18th, 2011 at 08:26:29 AM EST
Reuters: Analysis - Berlin seeks time to resolve own Greek aid dilemma (16 June 2011)
Germany wants Europe to postpone a new bailout deal for Greece to buy time for a compromise on involving private creditors that does not look like a climbdown that would entail political risks for Chancellor Angela Merkel.

Merkel will try to resolve this dilemma in talks on Thursday with the European Central Bank's Mario Draghi and on Friday with French President Nicolas Sarkozy, with the ECB, Paris and European Commission all questioning Berlin's position.

Interestingly, she's not meeting Trichet, she's meeting Draghi. That must be because Draghi is chairman of the Financial Stability Board, not because he's part of the ECB.
"The argument goes: We don't know what to do, let's buy more time," said an EU source, blaming Merkel and Finance Minister Wolfgang Schaeuble, whose proposal that private creditors accept a bond swap to extend Greek debt maturities now looks in doubt.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Sat Jun 18th, 2011 at 08:32:09 AM EST
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