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That remains to be seen. It's created a dividing line which can later be used as the "principle" to govern which creditors get shafted and which get paid.

It makes a great deal of sense to attempt to create the perception that Germany is unique and separate from the rest of the Troika - because of the Troika, Germany is by far the Troika member holding the most Greek debt per Eurogroup vote, German public opinion is by far the most insane, and the German government is by some distance the most psychotic.

Maybe this particular attempt will work. Maybe it will fail. But nothing of importance is lost in the attempt.

So it's a low-probability, high impact, low cost gambit. That's the kind of cheap gambits you tend to play a lot of when you need results fast and don't particularly care about the collateral damage.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Mar 14th, 2015 at 03:34:57 PM EST
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