A Quote by Mario Monti
Much of what Germany and France have done in the rescue of Greece has also helped German and French banks, who for a long time were major creditors for Greece and Greek banks.
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Greeks have to know that they are not alone ... Those who are fighting for the survivor of Greece inside the Euro area are deeply harmed by the impression floating around in the Greek public opinion that Greece is a victim. Greece is a member of the EU and the euro. I want Greece to be a constructive member of the Union because the EU is also benefiting from Greece.
Following its recognition as a state in 1832, Greece spent most of the remainder of the 19th century under the control of creditors. The pattern started with a default in 1832. In consequence, Greece's finances were put under French administration.
I would caution against fueling cheap populism. First of all, every German who has spent a vacation in Greece knows that the standard of living there isn't higher than it is in Germany. Second, Greece is paying a high price for European assistance.
I will continue to urge creditors to take the steps needed to put Greece on a path towards a durable economic recovery because it's in all of our interests that Greece succeeds.
Many in Germany are saying that Macron should be helped. That's also how I see it. But Germany cannot solve France's problems. The French president and his government will have to seriously knuckle down in order to pull France out of its slump.
To save the banks, you would have to turn the entire Eurozone into Greece.
The ECB puts out money that is meant to help our banks, but they do not use it to finance our businesses, but they give it to them to buy back their debt, to help French and German banks.
Greece's European neighbors were able step in and bolster the weak foundation on which Greece's free-spending budget was based. It would be difficult for any country, or intergovernmental organization, to rescue an economy the size of the U.S. if investors were ever to lose faith in our bonds because of our enormous debt.
Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.
The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.
Who lent the Greeks the most money? It was German banks, and for a long time, they were profiting from it quite nicely.
We [US government] have used our taxpayer dollars not only to subsidize these banks but also to subsidize the creditors of those banks and the equity holders in those banks. We could have talked about forcing those investors to take some serious hits on their risky dealings. The idea that taxpayer dollars go in first rather than last - after the equity has been used up - is shocking.
The French need a thrashing. If the Prussians win, the centralization of state power will be useful for the centralization of the German working class. German predominance would also transfer the center of gravity of the workers' movement in Western Europe from France to Germany, and one has only to compare the movement in the two countries from 1866 until now to see that the German working class is superior to the French both theoretically and organizationally.
We should recall that during the Second World War and the Great Depression there was an upsurge in popular, radical democracy. In all over the world. It took different forms, but it was there, everywhere. In Greece it was in the Greek revolution, and so on. And it had to be crushed. In countries like Greece, it was crushed by violence. In countries like Italy, where the US forces entered in 1943, it was crushed by attacking and destroying the anti-German partisans and restoring the traditional order.
Greece has got something like 1,400 islands. There is so much of Greece you can't know even if you're Greek. It's sprinkled out all around the edge of the Aegean, all over the place. It's already a secret place wherever you go, even if it's somewhere huge like Athens or Corinth. The place enchanted me.
Greek customs such as wine drinking were regarded as worthy of imitation by other cultures. So the ships that carried Greek wine were carrying Greek civilization, distributing it around the Mediterranean and beyond, one amphora at a time. Wine displaced beer to become the most civilized and sophisticated of drinks—a status it has maintained ever since, thanks to its association with the intellectual achievements of Ancient Greece.
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