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"Third, punishment as a form of discouragement is exactly what Greece suffered at the hands of Germany in the war, which is why the arguments are more than relevant in this case."

And this argument isn't valid regarding Italy why?

by IM on Sat Mar 14th, 2015 at 07:51:53 PM EST
[ Parent ]
Because Italy is not currently repeating its war crimes.

Also, Italy isn't owed nearly as much as Germany.

Manufacturing a barely acceptable excuse to shaft the German creditors, official and private, and nationalize the assets bought by German oligarchs during the forced privatizations, would go much further toward making the Greek books balanced again than doing the same to Italy.

And Germany has the same number of votes as Italy in those institutions where it matters.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Mar 15th, 2015 at 01:44:00 AM EST
[ Parent ]
Because Italy is not currently repeating its war crimes.

You are simply nuts.

by IM on Sun Mar 15th, 2015 at 04:57:07 PM EST
[ Parent ]
[ET Moderation Technology™]

That's not the way how an argument is held at ET. Also to Jake: keep it civil. Your suggestion that Germany is currently engaged in "war crimes" is incendiary. To all: No more insulting claims which you can't back up.

by Bjinse on Sun Mar 15th, 2015 at 05:10:18 PM EST
[ Parent ]
Italy is not the country that wants to punish Greece to discourage the others.

In fact, I would argue that Italy is the country that is being discouraged.

I know Spain is very bad off with 26% unemployed, but Spain's finances are not so bad that it could not instantly rebound with proper policy.

Italy is a very different case. Half my family is Italian, I spent years living in Padova, and I am very worried.

by Upstate NY on Sun Mar 15th, 2015 at 02:51:34 PM EST
[ Parent ]
"Italy is not the country that wants to punish Greece to discourage the others."

Italy is almost 18% of ESFS.

And the policy of the ESFS is in the end the policy of all.

by IM on Sun Mar 15th, 2015 at 04:56:19 PM EST
[ Parent ]
It is, of course, in the German interest to pretend that this is so.

But whether it actually is so remains to be seen.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Mar 15th, 2015 at 05:01:53 PM EST
[ Parent ]

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