Everyone Wants Someone Else To Pay For Greece

A blog about business and economics.
Feb. 27 2012 8:29 AM

Everyone Wants Someone Else To Pay For Greece

BERLIN, GERMANY - JANUARY 25: German Interior Minister Hans-Peter Friedrich arrives for the weekly German government cabinet meeting on January 25, 2012 in Berlin, Germany. F

Photo by Sean Gallup/Getty Images

Here's the latest: "The decision by G-20 finance ministers to fend off pleas for assistance pending an increase in the euro-area backstop puts the onus on Germany, the biggest national contributor to bailouts, to overcome its resistance to doing more."

Meanwhile, today the Bundestag needs to vote on what Germany's already agreed to. Here's a story in German where Interior Minister Hans-Peter Friedrich unhelpfully (but perhaps correctly) muses that Greece would be better off outside of the Eurozone. This is the kind of talk that encourages every single firm and household that currently has money deposited in a Greek bank to take their funds elsewhere. Friedrich is from the Christian Social Union which is the Bavarian wing of Angela Merkel's party, though generally more right-wing. Merkel herself is considered in German center-right circles to be a bit of a squish so she needs to watch that flank. German Social Democrats in town last week were telling me that the center-left parties are far too responsible to politicize the Greek bailout situation, which is true as far as it goes. The other way of looking at it is that they're happy to duck and let Merkel and her colleagues own whatever happens. Greece is not a very large country and so on some level it doesn't make sense for its insolvency to be such a big deal on the global stage. But everyone's first choice is for someone else to pay the freight.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.



Don’t Worry, Obama Isn’t Sending U.S. Troops to Fight ISIS

But the next president might. 

The Extraordinary Amicus Brief That Attempts to Explain the Wu-Tang Clan to the Supreme Court Justices

Amazon Is Officially a Gadget Company. Here Are Its Six New Devices.

The Human Need to Find Connections in Everything

It’s the source of creativity and delusions. It can harm us more than it helps us.

How Much Should You Loathe NFL Commissioner Roger Goodell?

Here are the facts.

Altered State

The Plight of the Pre-Legalization Marijuana Offender

What should happen to weed users and dealers busted before the stuff was legal?

Surprise! The Women Hired to Fix the NFL Think the NFL Is Just Great.

You Shouldn’t Spank Anyone but Your Consensual Sex Partner

Sept. 17 2014 5:10 PM The Most Awkward Scenario in Which a Man Can Hold a Door for a Woman
  News & Politics
Altered State
Sept. 17 2014 11:51 PM The Plight of the Pre-Legalization Marijuana Offender What should happen to weed users and dealers busted before the stuff was legal?
Business Insider
Sept. 17 2014 1:36 PM Nate Silver Versus Princeton Professor: Who Has the Right Models?
Dear Prudence
Sept. 18 2014 6:00 AM All Shook Up My 11-year-old has been exploring herself with my “back massager.” Should I stop her?
  Double X
The XX Factor
Sept. 17 2014 6:14 PM Today in Gender Gaps: Biking
  Slate Plus
Slate Fare
Sept. 17 2014 9:37 AM Is Slate Too Liberal?  A members-only open thread.
Brow Beat
Sept. 17 2014 8:25 PM A New Song and Music Video From Angel Olsen, Indie’s Next Big Thing
Future Tense
Sept. 17 2014 9:00 PM Amazon Is Now a Gadget Company
  Health & Science
Bad Astronomy
Sept. 18 2014 7:30 AM Red and Green Ghosts Haunt the Stormy Night
Sports Nut
Sept. 17 2014 3:51 PM NFL Jerk Watch: Roger Goodell How much should you loathe the pro football commissioner?