EU Summit Canceled as Germany Threatens Temporary Grexit Without More Concessions
The Telegraph describes how Germany sees the two options for Greece:
An incendiary plan drafted by Berlin’s finance ministry, with the backing of Angela Merkel, laid out two stark options for Greece: either the government submits to drastic measures such as placing €50bn of its assets in a trust fund to pay off its debts, and have Brussels take over its public administration, or agree to a “time-out” solution where it would be expelled from the eurozone.
The panzers aren’t rolling anymore; Germany is using money instead of bombs to bludgeon Greece into submission. The EU, which was suppose to restrain Germany, has instead become an instrument for it to once again try to dominate the continent. In retrospect, the UK made a very smart decision in keeping the Pound, which at the time seemed to me just bullheaded pride. You can bet this debacle is going to be used in the campaign for the UK to withdraw from the EU.