10/08/2012
Only
yesterday I was remarking on the German mood music, all pointing to one thing â an early Greek exit from the euro.
And here we go again.
Handelsblatt this time is running an interview with a stock market guru by the name of Dirk Müller. His name doesn't mean much over here, but he's widely respected in German financial circles.
Greece is "blessed" with the wrong currency he says. With the euro, the Greeks can never stand on their own feet. Their debt could be cancelled five times without changing anything. So, says Müller, Greece will leave the euro. From an economic point of view there is nothing else left.
But then, there's one born every minute. Economist Marcel Fratzscher, the new chief of the German Institute for Economic Research,
thinks that all EU members should join the euro.
His dream is "a European Monetary Union with all 27 member countries", then arguing that "the eurozone has been established without a political, fiscal and banking union". Long term, these steps are necessary, he says, to make the currency crisis-proof.
That idea, I think, isn't going to fly. Müller is more likely to prevail. His voice is yet another setting down the mood music that says Greece is on its way out of the euro. Its exit is getting to be a self-fulfilling prophesy.
