Bundestag president Norbert Lammert said yesterday, lawmakers had a nasty feeling that they had been “bounced” into backing far-reaching demands. This can never be allowed to happen again. He warned too that Germany’s legislature would not give up its fiscal sovereignty to any EU body.
…..Something profound has changed. Germans have begun to sense that the preservation of their own democracy and rule of law is in conflict with demands from Europe. They must choose one or the other.
via NEIN, NEIN, NEIN, and the death of EU Fiscal Union – Telegraph Blogs.
Glad to here the Germans think the same way as the Brits. Time for a controlled default for Greece and it’s people. It has been the only sensible solution available. Unfortunately the political elite within the EU won’t give up the fight until they have wrecked all of Europes economies.
Discussion of a 50% haircut for bond-holders is pretty close to a controlled default.