Thursday, April 15, 2010

No Free Lunch for Greece: Germany and France in a Struggle over the Greek Debt Crisis

French and German Ties Fray Over Greek Crisis - NYTimes.com
by Steven Erlanger, April 12, 2010, who writes inter alia:
"France and Germany traditionally have been the “motor” of the European Union, but relations between the two countries are badly strained over the Greek debt crisis, which is just the latest example of a new German willingness to resist the demands of Europe and assert its self-interest under Chancellor Angela Merkel....

Germany has insisted that any aid to Greece come as a last resort, and in the loan package arranged on Sunday it insisted that Greece pay a significant penalty in interest rates. This was well within Mrs. Merkel’s guidelines and does not represent a subsidy to Greece, said Thomas Klau of the European Council on Foreign Relations."

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