Germany’s finance minister, Wolfgang Schaeuble, said yesterday that he does not believe Germany should continue to pour money down the “bottomless pit” of Greece. Greek President Karolos Papoulias responded:
I don’t accept insults to my country by Mr. Schaeuble. I don’t accept it as a Greek. Who is Mr. Schaeuble to ridicule Greece? Who are the Dutch? Who are the Finns? We always had the pride to defend not just our own freedom, not just our own country, but the freedom of all of Europe.
While we’re not exactly re-fighting World War II all over again, the clear implication of Schaeuble’s recent remarks is that Germany and the Eurozone can get along very well without Greece. If the Greeks don’t toe the German line and the bailout fund is withheld, Greece will certainly default on its sovereign debt.
Schaeuble doesn’t appear to think that’s a big deal. German Chancellor Angela Merkel recognizes the political damage a Greek exit from the euro would have and would like very much to prevent it. She will ultimately prevail, but there will be a lot of shouting in the next few days.
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