Eurozone



Greece's brutal Creditors have demolished the Eurozone - Financial Times: LINK ¤ FINANCIAL TIMES

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  • "a few things that many of us took for granted, and that some of us believed in, ended in a single weekend"

 

 

 

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  • "by forcing Tsipras into a humiliating defeat, Greece’s creditors have done a lot more than trying to bring about regime change in Greece"

 

 

 

 

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  • "they have destroyed the Eurozone as we know it"

 

 

 

 

 

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  • "and demolished the idea of a monetary union as a step towards a democratic political union"

 

 

 

 

 

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  • "in doing so they reverted to the nationalist European power struggles of the 19th and early 20th century"

 

 

 

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  • "they demoted the Eurozone into a toxic fixed exchange-rate system, with a shared single currency"

 

 

 

 

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  • "run in the interests of Germany"

 

 

 

 

 

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  • "held together by the threat of absolute destitution for those who challenge the prevailing order"

 

 

 

 

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  • "the best thing that can be said of the weekend is the brutal honesty of those perpetrating this regime change"

 

 

 

 

 

 

 

 

 

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  • "but it was not just the brutality that stood out, nor even the total capitulation of Greece"

 

 

 

 

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  • "the material shift is that Germany has formally proposed an exit mechanism"

 

 

 

 

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  • "on Saturday, Wolfgang Schäuble, finance minister, insisted on a time-limited exit - a "timeout" as he called it"

 

 

 

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  • "I have heard quite a few crazy proposals in my time, and this one is right up there"

 

 

 

 

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  • "a member state pushed for the expulsion of another"

 

 

 

 

 

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  • "this was the real coup over the weekend: regime change in the Eurozone"

 

 

 

 

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  • "any other country that in future might challenge German economic orthodoxy will face similar problems"

 

 

 

 

 

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  • "a system run primarily for the benefit of Germany"

 

 

 

 

 

 

 

 

 

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  • "what should the Greeks do now ? - they should ask, if an economic programme"

 

 

 

 

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  • "that has been forced through by sheer political blackmail, can conceivably work ?"

 

 

 

 

 

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  • "the implications for the rest of the Eurozone are at least as troubling"

 

 

 

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  • "we will soon be asking ourselves whether this new Eurozone"

 

 

 

 

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  • "in which the strong push around the weak, can be sustainable"

 

 

 

 

 

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  • "previously, the strongest argument against any forecasts of break-up"

 

 

 

 

 

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  • "has been the strong political commitment of all its members"

 

 

 

 

 

 

 

 

 

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  • "from a pure economic point of view, we know that the Euro has worked well for Germany"

 

 

 

 

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  • "it worked moderately well for the Netherlands and Austria, although it produced quite a degree of financial instability in both"

 

 

 

 

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  • "but for Italy, it has been an unmitigated economic disaster"

 

 

 

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  • "the country has seen virtually no productivity growth since the start of the euro in 1999"

 

 

 

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  • "if you want to blame the lack of reforms, then you have to explain how Italy managed decent growth rates before then"

 

 

 

 

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  • "the Euro has not worked out for Finland either"

 

 

 

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  • "while the country is considered the world champion of structural reforms, its economy has slumped ever since Nokia lost the plot as the world’s erstwhile premier mobile phone maker"

 

 

 

 

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  • "whether the Euro is sustainable for Spain and Portugal is not clear"

 

 

 

 

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  • "France has performed relatively well during the euro’s early years"

 

 

 

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  • "but it, too, is now running persistent current account deficits"

 

 

 

 

 

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  • "it is not only Greece where the Euro is not optimal"

 

 

 

 

 

 

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  • "once you strip the Eurozone of any ambitions for a political and economic union"

 

 

 

 

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  • "it changes into a utilitarian project"

 

 

 

 

 

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  • "in which member states will coldly weigh the benefits and costs"

 

 

 

 

 

 

 

 

 

 

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Germany flexes its Muscles in Talks with Bailout Ultimatum
- Wall Street Journal:
LINK ¤ WALL STREET JOURNAL

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  • "Europe delivered an ultimatum to Greece, demanding full capitulation as the price of any new bailout"

 

 

 

 

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  • "after Germany flexed its muscles and offered Athens a choice between obeisance or destruction"

 

 

 

 

 

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  • "Sunday’s statement on Greece by Eurozone finance ministers"

 

 

 

 

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  • "will go down as one of the most brutal diplomatic démarches in the history"

 

 

 

 

 

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  • "of the European Union, a bloc built to foster peace and harmony"

 

 

 

 

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  • "that is now publicly threatening one of its own with ruination unless it surrenders"

 

 

 

 

 

 

 

 

 

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  • "the IMF has urged Europe to give Greece some debt relief, but Berlin has opposed"

 

 

 

 

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  • "the other 18 euro members were continuing to push Greece to implement all of the austerity measures and broader economic overhauls its voters have twice rejected"

 

 

 

 

 

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  • "the only remaining option for the Greek government of left-wing Prime Minister Tsipras"

 

 

 

 

 

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  • "is to default and leave the Euro"

 

 

 

 

 

 

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  • "Greece's only alternative is the gamble of an Euro exit"

 

 

 

 

 

 

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  • "the demands from the so-called "Eurogroup" of finance ministers range from handing Greek public assets to a fund in Luxembourg"

 

 

 

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  • "to auction off to giving international technocrats powers to approve or veto draft laws in Athens"

 

 

 

 

 

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  • "the Eurogroup is pushing Greece to effectively hand over the keys to the country"

 

 

 

 

 

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  • "regardless of whether the German stance prevails, Merkel faces one of the deepest political crises of her tenure"

 

 

 

 

 

 

 

 

 

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dark Forces have subjected Greece to a Coup
- the Independent: LINK ¤ the INDEPENDENT

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  • "Green Party MP Caroline Lucas has condemned the "forces of darkness""

 

 

 

 

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  • "for forcing a strict austerity package on Greece"

 

 

 

 

 

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  • "Eurozone leaders completed a mammoth 17-hour meeting and announced they had agreed to offer a third bailout worth € 86bn to Greece"

 

 

 

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  • "in return for the debt-ridden country immediately bringing in a swathe of reforms to cut spending on pensions, raise tax revenues and liberalise the labour market"

 

 

 

 

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  • "the new measures would cripple the country"

 

 

 

 

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  • "the democratic will of a country had been "superseded" by the forces of the EU, IMF and ECB"

 

 

 

 

 

 

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  • "the oldest democracy in the world has been subjected to a coup"

 

 

 

 

 

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  • "Greece is being forced to cut pensions, raise taxes and privatise swathes of the economy - without any time for genuine debate"

 

 

 

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  • "the forces of darkness are subjecting an already deeply impoverished country to further needless cruelty"

 

 

 

 

 

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  • "national sovereignty has, in effect, been suspended"

 

 

 

 

 

 

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  • "these are dark days for anyone who believes in democracy"

 

 

 

 

 

 

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  • "the will of a nation has been superseded in favour of relentless, economically illiterate and socially destructive austerity"

 

 

 

 

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  • "it’s time that politicians take a stand for the simple right of a nation to manage its own affairs"

 

 

 

 

 

 

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  • "a credible solution to Greece’s woes exists:"

 

 

 

 

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  • "European countries should come together to discuss ways to cancel at least some of the debt"

 

 

 

 

 

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  • "it’s been done before when Germany’s debts were cancelled after WW II - and it should be done again"

 

 

 

 

 

 

 

 

 

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Europe's insane Deal with Greece - Bloomberg: LINK ¤ BLOOMBERG

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  • "if the definition of insanity is doing the same thing over and over and expecting a different result"

 

 

 

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  • "the leaders of Europe are insane"

 

 

 

 

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  • "after a 17-hour summit, Europe's leaders have reached a deal. Greece's creditors will move forward with a third bailout on terms that are much stricter than previous proposals"

 

 

 

 

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  • "it does nothing to address the fundamental issues that have repeatedly landed Europe in crisis since 2009"

 

 

 

 

 

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  • "although the European Union can handle economies of widely varying types and levels of development, the euro area cannot"

 

 

 

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  • "Greece’s gross domestic product per person was about half of Germany’s when it joined the euro in 2001"

 

 

 

 

 

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  • "since then, Greece’s competitiveness relative to Germany’s has slid by about 40 percent"

 

 

 

 

 

 

 

 

 

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  • "for a currency union to handle widely divergent economies, they must be deeply integrated across multiple dimensions"

 

 

 

 

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  • "in the US, the average citizen of Mississippi makes just US$ 20,618 a year, compared with US$ 37,892 in Connecticut - almost as big a gap as between Greece and Germany"

 

 

 

 

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  • "the US doesn’t worry about a "Missexit," because the country has various mechanisms for smoothing over differences among its states"

 

 

 

 

 

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  • "the mechanisms include large fiscal transfers"

 

 

 

 

 

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  • "by necessity currency unions are transfer unions"

 

 

 

 

 

 

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  • "last year, 28 US states sent the equivalent of 2.3 percent of their gross domestic product through the federal budget to the other 22 states"

 

 

 

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  • "the biggest donor, Delaware, gave 21 percent. The biggest recipient, North Dakota, got 90 percent"

 

 

 

 

 

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  • "by contrast, in 2011 Germany made a net contribution of 0.2 percent of its GDP to the EU budget, while Greece received 0.2 percent"

 

 

 

 

 

 

 

 

 

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  • "large-scale fiscal transfers are not the only mechanism needed"

 

 

 

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  • "every April, the banks in the Federal Reserve system reallocate assets and smooth over regional imbalances"

 

 

 

 

 

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  • "by contrast, when Greece runs a deficit with Germany - due to trade with Germany"

 

 

 

 

 

 

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  • "its central bank accumulates debts to the Bundesbank indefinitely"

 

 

 

 

 

 

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  • "the German Bundesbank currently holds more than 500 billion euros in credits against other euro zone central banks"

 

 

 

 

 

 

 

 

 

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  • "Germany has explicitly rejected any kind of Euro-area sovereign-bond arrangement that would pool deficits"

 

 

 

 

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  • "thus, the Euro area is stuck in a dysfunctional netherworld between a fully integrated union and a more flexible exchange rate mechanism"

 

 

 

 

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  • "the Euro was never conceived as an end in itself. It was created as a means toward greater growth and unity"

 

 

 

 

 

 

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  • "it has failed badly on both counts"

 

 

 

 

 

 

 

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  • "Europe must get out of its halfway house"

 

 

 

 

 

 

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  • "and integrate far more deeply"

 

 

 

 

 

 

 

 

 

 

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Merkel's CDU Hardliners still unhappy
- DW: LINK ¤ D W

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  • "Merkel has forced her Greek counterpart to concede nearly everything. But for many in her party, even that was a compromise too far"

 

 

 

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  • "European Union officials were quoted as saying that Greek Prime Minister had been treated to "mental waterboarding""

 

 

 

 

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  • "during the talks, and appeared "like a beaten dog""

 

 

 

 

 

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  • "logically, then, German politicians should be delighted with the outcome of the Brussels talks"

 

 

 

 

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  • "but the debate in Germany has become a purely emotional issue built on simplistic moralizing"

 

 

 

 

 

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  • "this is particularly true for many members of the CDU"

 

 

 

 

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  • "it's not mentioned at all, that the economic currency union created a lot of advantages for Germany"

 

 

 

 

 

 

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  • "they say: we pay no heed to what would happen in other countries"

 

 

 

 

 

 

 

 

 

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  • Green Party Leader Simone Peters: "the German government's negotiating strategy"

 

 

 

 

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  • "has taken an axe to the reputation and founding principles of Europe"

 

 

 

 

 

 

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  • "and damaged Europe significantly"

 

 

 

 

 

 

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  • "SPD Peer Steinbrück, who was Finance Minister when the initial financial crisis struck in 2008, has been critical of Merkel's hard-line attitude to Greece"

 

 

 

 

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  • "after all, Germany still has a relatively generous welfare state"

 

 

 

 

 

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  • "if the measures being imposed on Greece were introduced in Germany, "there would be hell to pay""

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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Europas Rückfall - Spiegel online: LINK ¤ SPIEGEL ONLINE

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  • "Griechenland hat kapituliert, Deutschland gesiegt"

 

 

 

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  • "das ist die traurige Bilanz des Wochenendes"

 

 

 

 

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  • "die Diplomatie von Merkel und Schäuble war die Rückkehr Europas zu früheren Machtgefügen"

 

 

 

 

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  • "in denen der Stärkere seinen Willen durchsetzt"

 

 

 

 

 

 

 

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  • "die Bundesregierung hat an einem einzigen Wochenende siebzig Jahre Nachkriegsdiplomatie zunichte gemacht"

 

 

 

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  • "der Vorschlag eines vorübergehenden Austritts von Griechenland als Druckmittel während des Marathongipfels vom Wochenende"

 

 

 

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  • "war am Ende der Hebel für eine Kapitulation Griechenlands"

 

 

 

 

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  • "Schäubles Taktik hatte einen großen Sieg errungen"

 

 

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  • "ganz im Sinne von Michel Foucault, der die Politik in Umkehrung des berühmten Clausewitz-Zitats als "Fortsetzung des Krieges mit anderen Mitteln" verstand"

 

 

 

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  • "was am Wochenende in Brüssel passierte, war die Rückkehr Europas zurück zu Machtgefügen des 19. und frühen 20. Jahrhunderts"

 

 

 

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  • "in denen der Stärkere dem Schwächeren seinen Willen aufzwang"

 

 

 

 

 

 

 

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  • "es war nebenbei auch der Anfang vom Ende der Währungsunion. Sie ist zu einem festen System mit gemeinsamem Zahlungsmittel und ohne gemeinsamer Politik degradiert"

 

 

 

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  • "Griechenland muss jetzt nicht nur die Sparmaßnahmen erfüllen, die es im Referendum vor einer Woche ablehnte"

 

 

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  • "es muss alle verpassten Reformen der Vergangenheit umsetzen, die in Deutschland selbst nicht diskutierbar wären"

 

 

 

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  • "wie eine vollständige Abschaffung der Ladenschlusszeiten"

 

 

 

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  • "das Ende der Privilegien geschützter Berufsstände oder das Ende des Tarifmonopols"

 

 

 

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  • "selbst konservative griechische Parteien haben diese Reformen in der Vergangenheit abgelehnt"

 

 

 

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  • "was Deutschland und die anderen Kreditgeber Athen da aufdrängen, ist so extrem"

 

 

 

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  • "dass man nicht nur in Griechenland schockiert ist"

 

 

 

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  • "entrüstete Reaktionen kamen sogar von den eher konservativ gesinnten Deutschland-freundlichen Ökonomen"

 

 

 

 

 

 

 

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  • "Deutschland stellt mit seiner Diplomatie sicher, dass das jetzt beschlossene Griechenland-Programm keinesfalls funktionieren wird"

 

 

 

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  • "der von den Franzosen in den vergangenen Wochen ausgehandelte Kompromiss hätte entscheidende Vorteile gehabt"

 

 

 

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  • "für das, was jetzt beschlossen wurde, gibt es in Griechenland niemanden, der inhaltlich dahintersteht"

 

 

 

 

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  • "es ist das Programm einer feindlichen ausländischen Macht"

 

 

 

 

 

 

 

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  • "dadurch wird der Grexit bestenfalls hinausgeschoben, aber nicht verhindert. Die Kosten eines Grexits werden für alle Beteiligten steigen"

 

 

 

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  • "die politische Konsequenz der Vereinbarung ist eine Beschädigung von Premierminister Tsipras"

 

 

 

 

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  • "es ist anzunehmen, dass das auch das Ziel der deutschen Verhandlungsstrategie war"

 

 

 

 

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  • "drei weitere Jahre der Sparpolitik, der Rezession, der weiter steigenden Arbeitslosigkeit wird politische Spuren hinterlassen"

 

 

 

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  • "man wird mit allen technischen Mitteln versuchen, gegen den Willen des Volkes durchzuregieren und das Programm umzusetzen"

 

 

 

 

 

 

 

 

 

 

 

 

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EUROZONE - Wikipedia EN:
LINK ¤ EUROZONE

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  • "the Eurozone, officially called the Euro area, is a monetary union of 19 of the 28 European Union (EU) member states"

 

 

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  • "which have adopted the euro - € - as their common currency and sole legal tender"
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