No matter how one feels about Germany’s handling of the Greek debt crisis, one must admit that the masters of the Eurozone are thoroughly consistent in their views and do not oscillate back and forth, like the ECB does, over debt relief.
No doubt, Greek Finance Minister Euclid Tsakalotos must have found out this the hard way when he met today with his German counterpart, the irrepressible Wolfgang Schäuble. Immediately following the meeting of the two Finance Ministers, the German Foreign Ministry issued a press statement stating that Germany’s position on Greek debt relief and the role of the IMF on the new bailout agreement remain unchanged.
In other words, no debt relief and the IMF stays.
For the record, the Greek Finance Minister has been touring European capitals in order to give a report to euro member states financing Greece’s needs on the progress of economic reforms, which in actual reality is proceeding quite smoothly and is fully in line with the international creditors’ commands: austerity is being reinforced, privatization of whatever assets remain left under public ownership is in full swing, and the plan for the reform of the ailing pension system mandates that all working people end up with private pension plans if they wish to avoid living their retirement years as paupers.
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