Waiting to cut out the deadwood.
Waiting to clean up the city.
Waiting to follow the worms.
Waiting to put on a black shirt.
Waiting to weed out the weaklings.
Waiting to smash in their windows
And kick in their doors.
Waiting to follow the worms – Pink Floyd
Not a lot to report today, just waiting.
Merkel said this and Hollande said that and Monti said something and Soros, in a great interview in Spiegel (a German magazine), says we're running out of time and blames Germany for the mess of the moment:
There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany. Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred.
Germany could leave, but it would be incredibly costly. I just read the report of the German Finance Ministry, which estimates the costs of a euro-zone exit in terms of employment and economic activity, both of which are real. Because this is the case, Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe — but hated and resisted, because it will perceived as an oppressive power.
Germans tend to forget now that the euro was largely a Franco-German creation.
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