A prophecy from 1998: "The Euro comes too early"

[Skybird]

Originally Posted by Diopos

It is all about options, and tuning mechanisms.
With Greece and Cyprus in there is a possibility of someone saying no to Turkey without that someone having to be France or Germany and, in denying Turkey, opposing the US. Remember the times back then. Promoting a common currency, without a "unification" of interests either on foreign affairs or defense, the induction of the former Warsaw Pact countries en masse and in a hurried manner, the Turkish issue and so on. Some of the european leaders of the time sought some options as most of the above were initiated or "controlled" by the US. Thats the main role of Greece. An option.

Sounds almost like a conspiracy theory to me.

Plus a good location on the map of course

Of course. How many billions worth in yearly compensation?

and not much of a financial burden after all.

Is that a bad joke...???

German banks are Greece' biggest creditor, with 340+ billion euros (officially, unofficially it probably is even kore). Swiss and French banks are close behind. A Greek bancruptcy is major disaster for these banks, too. Greece will be payed out. Which emans the de facto end of the stability pact (which had strong legal rules, that ruled that ANY financial help to states in the eurozone to reach the 3% criterion is strictly prohibited. By this, the stablity and solidity of the new currency was claimed to be guaranteed). But the famous culture of bribery and corruption (sorry to be that harsh, but Greece really is famous for it, isn't it) in Greece flourished on as before, and the elite probably calculated on the Eu always paying for them if the lights are about to go out, and if the EU does then this is the last evidence that the stability pact simply was a meaningless lip confession from tjhe beginning on. For a country with a solid and hard currency like the D-Mark, that has been an extremely bad deal. Compared to the D-Mark, the Euro is made of wax and rubber then.

Even more, Greece was 2008 the biggest netto-receiver (calculating payment to the Eu versus payments from the Eu to a nation) of EU money, with 6.3 billion Euros. the biggest netto payer was, like in all years, Germany, with over 8.7 billion - more than twice as much than the second biggest netto payer, Italy (around 4 billion). and beside Ireland and Portugal, Greece has been the EU's biggest boarder since it joined the EU. So what do you mean by "Greece after all is no big financial burden"...?

To say that Greece does not cost the EU and Germany much money, is a bit rich, really. In netto, in 2008 Greece absorbed three quarters of the German netto loss in the germany payment bilance to the EU (Germany roughly finances one quarter of the EU budget).

You must not wonder then that Germans are a bit pissed about us needing to pay you out again because since decades you people in Greece can't get hold of your leaders and can't bring your corrpution under control. and if we then are told that "Greece does not cost that much at all" and that it is a valuable contribution to the Eu because it offers these strange precious "options" you mentioned, then some of us get angry, simply that. For sinking so much money in Greece, and for Greece eventually becoming the major rock that sinks the EU currency's stability and trustworthiness, these "options" are a bit thin in value. Economic, financial, scientific, technological or military contributions of worth would be a better compensation.

If I sound angry, then that is not by mistake, but is intentional. the famous mediterranean laissez-faire can be pushed too far. Especially when it is the others who are expected to finance the repair of the damages it causes.