Merkel: Greece Eurozone Entry Bogus



MERKELGREECE_631_355 (1)Apparently frustrated she spends a lot of her time defending why she’s so tough on Greece – insisting on harsh austerity measures in return for her country’s backing of international bailout loans – German Chancellor Angela Merkel said Greece should never have been allowed to join the Eurozone in the first place.

Merkel blamed former chancellor Gerhard Schroeder for agreeing that Greece should join the common currency bloc. It was later discovered that Greece falsified its economic statistics to gain membership but no one has ever been prosecuted for fraud.

Merkel said at an election campaign rally in the town of Rendsburg on Aug. 28 that the Social Democratic (SPD) government under Schroeder had contributed to creating the causes of the crisis that has been brewing over many years by consenting to Greece’s entry in 2001.

“Chancellor Schroeder accepted Greece in and weakened the Stability Pact and both decisions were fundamentally wrong, and one of the starting points for our current troubles,” Merkel told supporters at the rally in remarks seen as countering attacks by SPD chancellery challenger Peer Steinbrueck on her Eurozone crisis policy.

Steinbrueck, a long shot to unseat Merkel, blamed her government for misleading voters on the costs from another Greek bailout and said she could come clean on how much that saving Greece is going to cost German taxpayers.

German Finance Minister Wolfgang Schaeuble said earlier this month that Greece, which is surviving on $325 billion in two bailouts from the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) would need a third rescue package, with some estimates putting it at 10-11 billion euros ($13-$14.4 billion.)

He ruled out any chance of Greece being allowed to impose losses on the lenders, a so-called haircut, to reduce its debt as it did in 2011 when a previous government stiffed investors with 74 percent cuts on what it owed them. Germany, the biggest contributor to the bailout loans, consented to the first debt write-down because it didn’t affect its position.

With less than one month to go until the Sept. 22 German parliamentary election, polls have indicated that Merkel’s ruling coalition enjoys enough support to win a Parliamentary majority.

The opinion poll by market research company Forsa showed support for Merkel’s Christian Democratic Union (CDU) and its Bavarian CSU sister party stood unchanged at 41 percent, while the SPD party held at 22 percent.


12 COMMENTS

  1. Oops, sorry. *middle finger*

    A child of the uber race and Third Reich, who created the EU as an export market fiefdom is complaining about an errant fiefdom. How hilarious is that?

    Pay up and shut up.

  2. Greece has GREAT problem with its archaic Constitution that has nothing in common with the shared values of EU member states. Such Constitution resembles most the Iranian one.
    Greece has committed grave infringements on HUMAN rights level towards all ethnic population. All this should be revisited NOW. It is the TIME.

  3. Ridiculous. You have a far better chance being killed by an American walking the streets of Washtington DC than you do by a Greek in Athens. You are just racist ultra nationalist with an anti-Greek agenda.

  4. Merkel finally confesses Greece was tricked into joining the EU by Schroder and PASOK. What kind of phony EU Leadres and rotting government do we have now but the same 2 Criminals Gangs who brought Greece into this massive “financial mess” in the first place!

    Besides all this both PASOK & ND Parties still “owe 250 million Euros” that they have never accounted for & never paid back, but they expect the People to keep paying more & more austerity. Why isn’t the Greek Justice and Press asking questions about PASOK & ND walking off with 250 million Euros as well as Akis crimes??? –Because they are all in cahoot & in the same rotten bed together!

    WAKE UP PEOPLE! —GET RID OF ALL THESE PASOK & ND Liars and SCUM destroying our beautiful country!

  5. Alex the moron gives his usual idiocy… bla,bla, bla..!
    My god.. I feel sorry for anyone living around you.

  6. Merkel finally confesses Greece was tricked into joining the EU by Schroder and PASOK. What kind of phony EU Leadres and rotting government do we have now but the same 2 Criminals Gangs who brought Greece into this massive “financial mess” in the first place!

    Besides all this both PASOK & ND Parties still “owe 250 million Euros” that they have never accounted for & never paid back, but they expect the People to keep paying more & more austerity. Why isn’t the Greek Justice and Press asking questions about PASOK & ND walking off with 250 million Euros as well as Akis crimes??? –Because they are all in cahoot & in the same rotten bed together!

    WAKE UP PEOPLE! —GET RID OF ALL THESE PASOK & ND Liars and SCUM destroying our beautiful country!

  7. I would be nastier if it wasn’t for a certain poster who loves Germans and has a crush on Merkel.

    *looks over at Dean*

  8. German Finance Minister Wolfgang Schaeuble ruled out any chance of Greece being allowed to impose losses on the lenders, a so-called haircut, to reduce its debt as it did in 2011.

    When Golden Dawn take power they will immediately make an audit of Greece’s debt to see how it was accumulated. Debt accumulated illegaly, (e.g. German companies bribing Greek politicians in exchange for multibillion € contracts) shall be written off. How’s that for a haircut?

    Ecuador did something similar in 2008.

    Ecuador is to default officially on billions of dollars of foreign debt it considers “illegitimate”, says President Rafael Correa.Mr Correa said he had given the order not to approve a debt interest payment due on Monday, describing the international lenders as “monsters”.The president said that some of Ecuador’s $10bn debt was contracted illegally by a previous administration.

    http://news.bbc.co.uk/2/hi/7780984.stm

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