Friday, March 1, 2013

Angst and loathing in the Euro-zone

Today a German MP from Merkel's party called for the expulsion of Italy from the common currency.

Klaus-Peter Wilsch demanded that Italy return to its own currency rather than be permitted to rewrite the conditions of its EU membership.

This latest provocation comes two weeks after Italian President Giorgio Napolitano cancelled a state visit to Germany after a leading opposition figure referred to the two front-runners in the Italian election
as clowns. He was referring to perennial top clown billionaire Bunga Bunga Berlusconi and former comedian Beppe Grillo.

The Germans seem completely incapable of comprehending that Merkel's "austerity enema" has long lost its charm among Europe's less fortunate states. German politicians of all stripes are gung ho for the the status quo, which essentially means continued prosperity for them and endless austerity for the rest of Europe.

At least Willsch is confronting an inevitability; there is little for the likes of Italy, Spain and Greece in continuing with EU membership, and their sovereignty to regain by opting out.

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