• Germany's news in English

Merkel says EU's future at stake in Greek crisis

AFP/The Local · 5 May 2010, 15:09

Published: 05 May 2010 09:09 GMT+02:00
Updated: 05 May 2010 15:09 GMT+02:00

Facebook Twitter Google+ reddit

"The future of Europe and the future of Germany within Europe is at stake," Merkel said in parliament in a debate on Berlin's unpopular decision to lend €22.4 billion ($29.1 billion) in taxpayers' money to Greece.

Merkel defended the aid package and said Europe was looking to Berlin for leadership out of the crisis.

"No decision is possible or will be possible without us or against us," she said. "All of Europe is looking to Germany."

She also rejected accusations her government had dragged its feet over the Greek bailout, saying providing aid before Athens had announced extra austerity measures would have been counter-productive.

"We would never have got the necessary programme from Athens if Germany had approved the aid earlier without sufficient guarantees, as nearly everyone was demanding," Merkel said.

"A good European is not necessarily the one who helps quickly. Much more it is someone who sticks to European treaties and national laws and who makes sure that the stability of the eurozone and of all of Europe sustains no damage."

But she admitted the EU's Growth and Stability Pact governing member states' budget deficits and debt had to be changed as a "lesson" of the crisis.

"The task of my government, and all members of this house today, is to make sure that this stability pact is adhered to, to defend it and to further develop it, as a lesson of this crisis," Merkel said.

On Sunday, eurozone nations agreed to offer a loan package to Greece worth €110 billion over three years, with the IMF providing €30 billion. Merkel's cabinet signed off on Berlin's share on Monday and the parliament is expected to back the deal this week.

But Germany has been accused at home and abroad of exacerbating the crisis by not agreeing sooner.

"You drifted around like a windsock. Then in retrospect you call that your strategy," Frank-Walter Steinmeier, parliamentary head of the opposition Social Democrats (SPD), told Merkel in parliament on Wednesday.

"Your double game has cost us an enormous amount of trust and respect in Europe," said Steinmeier, who until last year was foreign minister.

Merkel was speaking as special legislation needed before the aid can be disbursed got its first reading with the aim of it hitting the statute books on Friday. It may then be challenged in Germany's top court.

Facing strong public opposition, parliament is still expected to approve the bill despite grumblings from the SPD. Merkel said Germany's reputation in in the 27-nation bloc was on the line.

Story continues below…

"We are defending our currency," she said.

Merkel said there should be tougher penalties against member states that break the rules, suggesting that Germany was ready for a fight with its EU partners to push through the changes.

"We are at a crossroads. The Greek crisis has brought it home to us in drastic fashion what a lackadaisical budget and financial policy can lead to," she said.

"Just as the government of Helmut Kohl had to overcome strong resistance in 1997, our political generation also has to overcome strong resistance today. Germany, as Europe's biggest economic power, has a special responsibility."

Axel Weber, head of the German central bank, the Bundesbank, told parliament he supported such changes in order to create "incentives for solid budget policy."

AFP/The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

12:01 May 5, 2010 by GermanyBert
Germany is becoming for the EU what the USA has been for the entire world since the end of WWII. Way to go Germany. It is good to see you standing up and taking charge.
13:26 May 5, 2010 by mrsams
You really have enough time in this world isn't it? How's your insomnia?I hope you find a job soon.
15:00 May 5, 2010 by Edmond Schindler
Now is a great opportunity for expansion. Through two god awful war attempts Germany only lost territory, now there is a financial strength in Germany sufficient to collect real assets as collateral for these monstrous financial packages being distributed to surrounding EU members starting with Greece.

Maybe Germany can exchange its wealth and resources for Real Estate holdings. If there is a default Germany grows in territory! A bloodless way to achieve expanded boarders...

Grow Germany Grow!
17:15 May 5, 2010 by wmm208
Germany needs to just stop complaining and pay.
17:56 May 5, 2010 by michael4096
"You drifted around like a windsock. Then in retrospect you call that your strategy,"

It could be worse, we could have really decisivie politicians like bush, blair & netanyahu and be working our way out of the greek insurgency in 8 years time.
18:53 May 5, 2010 by wmm208
Seems like Spain is the next to go:

19:20 May 5, 2010 by Henckel
@ Edmond Schindler:

Yes, since 1919 the men of Versailles and later of Yalta and Potsdam have tried to keep Germany down, subjected and fearful. Now Germany may have a chance to grow through economic strength. Remember, the British were frightened by Germany's plans in 1896 for a Berlin-to-Baghdad railway. Today, with greater political and economic sophistication, it may be possible to increase Germany's influence and importance on the European stage.

I agree: Grow Germany Grow!
19:37 May 5, 2010 by vonSchwerin
Three bank employees were killed in Greece as a result of the riots. Thousands protest or even rampage in the streets or Athens and Thessaloniki against the idea of any cuts to their SUPER-generous pensions. They seem to have no interest in doing what it takes to save their national economy.

I don't see why the Germans should pay for the Greeks' selfishness (not to mention the Greek government's lies that enabled Greece to join the Eurozone). Of course, Germany can't let the Euro and the EU go down with the ship (i.e. Greece). So, how about just expelling Greece from the Eurozone? The Greeks can devalue their drachma as much as they want or need to, and someday, when they grow up, they can join a slimmed-down, fiscally rigorous Eurozone.
19:45 May 5, 2010 by Der Grenadier aus Aachen

You wingnuts never fail to make me laugh. Let me put this in perspective for you.

There are some really rich nations in Europe, and some really poor ones. People constantly fail to take this into consideration. The Greek debt hysteria is entirely created by hysteria. Germany could pay off the debt and proceed to buy all of the...what do you call them? PIIGS, was it? All of the PIIGS, and still have economic growth two quarters later. Plus money left over for ice cream.

The Greek debt problem is nothing but an issue of teaching the poorer nations in europe a lesson about fiscal responsibility. That's it. It's not a crisis, it's not an issue, it's not going to bust the Euro, and it's not going to have any lasting effect.

If you want to start talking about external debt, you might want to have a look at how much of that debt is what. Most of the debt of the large european powers is in bonds that are paying out at inflation, or sub-inflation rates, which means it can be sustained indefinitely and significantly aids in economic development. This is not the case for the US external debt. That debt, is, in fact, bankrupting your nation - you're just ignoring it, hoping the problem will go away.

So, before you start giving economic advice to other countries, you should maybe go balance your own checkbooks - because you can't afford a vacation this year.
19:47 May 5, 2010 by wmm208
If you look at the foreign bank claims of PIIGS nations, i would say Germany and her banks are not growing but contracting...
21:29 May 5, 2010 by Der Grenadier aus Aachen

I know. You'd say a lot of things. But you'd still be wrong. As you usually are.
21:38 May 5, 2010 by wmm208
Actually i am accurate. You loathe me. You have no idea what your heading towards....Schade...
22:01 May 5, 2010 by Der Grenadier aus Aachen

I'm really sorry to disappoint you, but I really don't loathe anyone except traitors.

However, that doesn't mean I consider you to be very knowledgeable; because, based on the things you've been writing, your understanding of these issues is limited, at best.
22:32 May 5, 2010 by wmm208






22:32 May 5, 2010 by authun
@Der Grenadier

I'm neither agreeing nor disagreeing, but wouldn't the table from the Wikipedia page link below (albeit outdated by roughly a year) generally refute your claim about the U.S. external debt (less per capita and 94% of GDP) versus the German one (185% of GDP)?

22:34 May 5, 2010 by wxman
Greece's problem is that 1/3 of it's workers are government employees.
22:43 May 5, 2010 by wmm208
wxman: SO are Germany's. On a per capita basis Germany's debt/gdp is massive. a debt bomb waiting to explode. With thos nasty demographics, who is going too be around to pay off that mess? Toll
23:04 May 5, 2010 by Bensonradar
The BBC have put this into perspective at:


Worth a read.
23:05 May 5, 2010 by wmm208
Politicians are unwilling to make hard decisions, especially when they can punt (kick the can down the road).

That means that there will be no effective solution to this debt crisis, no long term solutions to the EU overspending, and no fiscal discipline imposed.

Bottom line, the EU will drift until it can drift no further. Then there will be another, more serious crisis with far fewer solutions.
00:46 May 6, 2010 by pmach
The agitator sounds like he is getting very agitated himself.

Servicing the PIIGS is far less than servicing $14 Trillion US liabilities and an endless war crime. But good luck with that.

I like all the links you provide but reading other opinions is really mute isnt it wmm and a poor form of pursuation in this context. You are far better off looking at this from the prespective of finance to understand the real story. The US no longer publishes many of its key financial data which have been REMOVED from there GOV sites and for good reason because according to GAAP the reality is bankruptcy for the US by the numbers and they cannot technically pay or service the debt rationally with debt service on the published debt now exceeding $2 Trillion a year man!!!!!!!!! Not including the other national and foreign obligations. Can you imagine how big that number is wmm $2 Trillion to just keep your head afloat and that's not even the bottom line!!!. So keep your links to yourself and dive into the data if you actually know how to do that which I doubt. The US is also loosing much of its revenue base do to off shoring jobs (your consumption economy and all those high paying jobs gone plus immigration at the current level with displace the domestic populace by 2050 with new low paying jobs to service all that big debt bubble you got going on there. What a joke! Germany on the other hand maintains it production base and sends much of its work to the low wage Baltic states where it can maintain control and what goes to Japan/China is to service Japan/China, But dont forget who taught the Asians long ago when they where just evil JAPS to the American propaganda machine on how to build those cars and they where working with the Germans learning how to further develop the auto industry. Cant beat em them invest in them and help them grow is the German way. The Germans again there too have another investment worth its weight in gold. Dont forget about who controls all the EU gold as well as all the members pledge gold. Where is the US with its gold stores as you cant audit that either and another very big issue. Germany has invested hundreds of billions into Europe manufacturing as well as here in Canada as well. US cant say that no can they. The US has sold out its people and left them holding the debt bubble.

So again by comparison the US has much more debt to service and Germany can afford on the same model to spend another $900 billion without batting an eye. But they will however wine about it to no end.
02:07 May 6, 2010 by wmm208
baltog - Stratego. ha, i had my big laugh. Ha. Thanks


It took Germany 20 years to make and so kurz to wash it all away....Schade...

Everyone needs to pay, so be quiet and pay!
02:18 May 6, 2010 by mapk
Quit giving your FRICKING money away ! Save it for a worthy cause.... Like buying the USA debt:))
02:18 May 6, 2010 by Logic Guy
Well, Bundeskanzlerin Merkel has handled the Greek crisis quite well actually. If she had just handed the money over, at the beginning, then Greece wouldn't have made the difficult changes. If the American government had done the same with our banks, then we wouldn't continue to see huge bouneses for bank exectives.

If someone from the German government reads TheLocal, then I would say "Don't base your entire future on the revival of Greece, because it's going to take a small miracle for them to recover. Therefore consider other options."
02:23 May 6, 2010 by wmm208
Thats great you like her at home, and thats all that should really matter because on a global level, Bundeskanzlerin Merkel looks like an inept sailor trying to find the fog lamp as the iceberg hts the bow. 20 years of building the EU and it is all going away so fast. Schade...
02:28 May 6, 2010 by baltog
Logic guy

You are right! If it is sooo fashionable to buy a debt,,then buy the BIGGEST and the BEST (becouse the biggest is allways the best)...BUY AMERICAN !! (debt)

and SAVE your country!!! America NEEDS YOU!
02:40 May 6, 2010 by wmm208
baltog: US Treasury auctions are outperforming ALL Eurinations and the USD is looking good. Unfortantely, the US Fed has to now support the ECB with USD's or else the entire world will go down the toilet like Euroland.
02:47 May 6, 2010 by pmach
Baldtog, from your comments you have cemented the fact that as an American you and your fellow American wmm are dumber than a 5th grader. Which pretty much sums up the US population and known the world over. Hell with Germany at 12 its still way ahead of the game compared to your gene pool.

Merkel is a mut but so is wmm as well. In fact Merkel is probably to good looking for wmm isnt that right wmm.
02:58 May 6, 2010 by wmm208
Portugal... Spain...Greece...these are all last week's news based on CDS trading patterns. Indeed, this week saw the biggest trade unwinds of all top 1000 CDS entities (including all corporates) precisely in these three names. As the PIIGS implosion is finally being appreciated by everyone and their grandmother, the "speculators" are booking massive profits: the net cover/rerisking in Portugal and Spain was a massive $500 million net notional unwinds in each in the week ended April 30. Also known as taking profits. Greece and Ireland were also in the top 5, so as we have repeatedly claimed, the market will no longer make the news in Club Med. So where will it? No surprise there - France and Germany. The smartest money in the world is now actively betting the core of the eurozone is where the next CDS blow up will take place. With a stunning $630 million and $370 million in net notional derisking, France and Germany are the top two most active recipients in negative bets in the prior week, not just in sovereigns but in all names.

The smart money is now massively betting that Europe's core is done for; as the PIIGS have demonstrated, the blow out in spreads for the core trifecta can not be far behind.
03:04 May 6, 2010 by pmach
Your talking chump change here what about the $14 Trillion in US liabilities you cant account for wmm.
03:12 May 6, 2010 by wmm208
pmach - Not when your the worlds reserve currency and your closest trading partner is China whom we work with on our liabilities together. Euro is doomed. Schade.
03:44 May 6, 2010 by pmach
You obviously dont understand the gravity of $14Trillion.

China owns America and thats the bottom line. China is also suspect for not having an economy any where near what is claimed just another full of hot air bubble like the US. Double wammy on the way for Amerika.

China is offloading US debt like everyone else and suppressing its dollar and snubbing the US because you can touch them now as they are your master and you need to protect there investment at all cost or else boys. US debt will reach junk bond status and with all the dollars in circulation its a fact that inflation is the only outcome period.

Most of the worlds best traders say invest outside the US to avoid loosing all your net worth.

America cannot escape or pay the debt or service the debt and its so out of control that the interest is accumulating far faster than anyone ever imagined and it only gets worse now that its reached critical mass and unfortunately unstoppable. The US is bankrupt but any default on there part holding the reserve would be a disaster the world over because they have dropped the ball for everyone!!!!!! However its also there ONLY leverage right now keeping them afloat and China will fuk you over as soon as the reserve card is gone and come collecting. The US as its only option now have to sell hard that the Euro is crap to avoid everyone jumping the US ship and that's what this is all about. Its all propaganda. And after the worst economic crash in US history they didn't see coming and you watch the news media is saying its happy days again with $14 Trillion...$14.3 Trillion since we last texted how stupid are Americans I mean are they all retards except for the rich traders and economist who really know how screwed they really are.

The US is doomed because they simply can no longer find the capital to service their obligations and states are quickly running out of money and near collapse on a grand scale but who first...California perhaps.
04:00 May 6, 2010 by Der Grenadier aus Aachen

I can understand why you would say that, but, no. The issue is what type of debt it is, and what the interest on it is. Most of Germany's debt is basically 'currency holding', with an interest rate of 2% or less, which is less than inflation. Hence, that debt, if held, is actually profitable in a strange sort of way. That is why gaining this category of debt is actually encouraged by the Finanzagentur; it provides germany with working capital at little to no cost.

Conversely, most of the US's external debt is at far higher interest rates, and basically ruinous.
04:22 May 6, 2010 by wmm208
Deosnt say much when German Bund CDS Spreads are being blown out and the attack of the evil speculators begin hammering away at your ability to raise debt. The evil locusts will eat you alive. Eurination is nothing but toast. Say whatever the F you want about the US but when facts speak louder than words, your sleepwalking into defaltion. Your leaders have led you into dismay. Raising rats when the crisis hot. Toll..
04:59 May 6, 2010 by pmach
Yes but its all about debt and service and Americrap cant service it own house anymore. The people have the lowest IQ's as a result of the poorest education system in the world and the list goes on and on. Germans have a far higher IQ as does most of Europe far surpassing the US and they speak multiple languages to boot. Yes the Ameriscamers speak different languages buts thats because the country is flush with non-english speaking immigrants who are the future of Americrap since imigration is also out of control there too. So your pretty much screwed and just dont know it yet boys.

So Americrap being the most despised country in the world is flat out broke and Germany is flush with trade surplus cash and assets everywhere and tons of gold.

Option to Options they can pull the Euro or do what ever they want. But Americrap is boxed into a corner with no way out becasue they cant debt service the game any longer. Best get out while you can before your mothers home isnt worth the paper its written on. Oh almost forgot Germany never had a housing bubble!!

What will Obama come begging Germany to do next bail out Spain because the US of Aholes is bust.

By the way I live in Canada the strongest economy in the World. And by the way you also lost to us in Olympic golds and hockey looser.
05:03 May 6, 2010 by wmm208

1) She is making more and more of them on unfavorable terms to reassure investor confidence.

Lie- why would investors buy unfavorable terms. Give examples liar. Show me the proof.

2) She consistently fails to pay them back.

Lie-US has ALWAYS paid back her debts.

Germany has defaulted like 8 times. Schade....
05:22 May 6, 2010 by pmach
US dead beats CANT pay back $14 Trillion. Give me a C.A.N.T pay its debts.
05:26 May 6, 2010 by wmm208
Yes they can. The US won most medals in Summer & Winter. You hate the US. You want to work in the US. You are in miserable cold weather you should have stayed in Germany. Yes we can!

Germany, the core of the Euro is now under attack as CDS Spreads are widening today with 192 contracts purchased against the German bunds. After all, the German banks are hiding the most debts, have a social welfare state thats over and have terrible demographics. The Euro is doomed. Germany is heading iinto deflation. All the Germans are homesick for their mommy but they are smart because Germany is going down hard. Gulp
05:49 May 6, 2010 by pmach
OK wmm now you getting upset because everyone hates you but really I was born and raised in Canada but I like Germany and Europe a lot more than Americrap. The majority of Canada and the world share that opinion as well. My daughter will be going to a ballet school there.

As everyone knows but you its the golds that count. Better luck next time though. I dont mean that really.

Germany is now under attack and the game is over because I said so me wmm said the Illuminati will destroy Germany. Nice conspiracy theory there at all.

Are you talking about Germany of Americrap as the world knows its the US banks hiding everything at the federal reserve bank...do you live in the US because you dont know to much about the sh#4t storm there.

Why would I want to work in the US... are you nuts your banks are locked up as tight as a ants ass. I have more bank calling me for money and we tell them no thanks! I make more money in Canada and dont have all the empty retail, warehouse and manufacturing buildings sitting empty to look at oh and those lovely tent cities you have are real charming. All well in Americrap Buford.

Your commercial real estate is going bust next as the mortgages can no longer be renewed as the values have dropped below the loan to value ratio so that bubble is set to pop in 2010. But you weren't aware of that where you...opps.

The US sucks with the most stupid arrogant schmucks ever to set foot on North Canadian soil. We own that now too.

The US National Debt has continued to increase an average of

$4.14 billion per day since September 28, 2007! Thats $1.5 Trillion per year what are you paying that with hot dogs.
06:02 May 6, 2010 by wmm208
pmach - Canadian Banks - CIBS, RBC, BNS, are all NOT lending and in the shotter. Canadian real estate is sucking wind while the US is rebounding. US Banks wouldnt want your "little" business anyway. US BAnks have already WRITTEN down bad assets. Canaidan banks = Not yet. German Banks = No and fake the #'s. French Banks = No, not yet. LtV's & values on US mtgs were reset already so cool your "psycho" accusations. Mtgs are being renewed. Again your facts are Wrong.

Your daughter will love the German men who will treat your daughter with no respect i am sure. They dont snip either. Take off, eh...
06:19 May 6, 2010 by pmach
Ahh more bullshit from Mr bullshit himself. The only ones not lending in Canada are the American subsidiary's. GE stopped lending as did HSBC, and every single American owned bank dried up it was great. Not 1 Canadian bank stopped lending period but they where concerned of the follow out when the US went tits up. We dont like lending to US companies anymore as they fail more often the Canadian corporations and they are impossible to collect from..

Canadian real estate has been and still is stable and will do so in the future no bubble here either. My house has gone up in value over the last fives years and still rising. I can buy a $1MM dollar beach house for half that in the US today because its so depressed over there.

The only psycho is you. My facts are right and your are wrong for the following reason..see below. By the way the Americans are what every girl fears... there all creeps.

PS Canada is praised world wide for the most stable banking system in the world, fact. but then again we have more stringent lending criteria which you again know little about.

I do feel sorry for you wmm. I imagine someone who was beaten as a child with a rough upbringing and you couldn't afford a good education while making end meet in the moonshine business part time of course. And you watch lots of tv educaiten urself oops I am talkin like you now....anyways I am sure its really hard to take a good hard look at both yourself and your own country to see what a truly sad state of affairs it has become and having a Canadian of all people support Germany and the EU from an unbiased perspective unlike you Americrap self....but look at the bright side We would all rather live in Germany than the US of idiots any day of the week. They are much nicer people.
06:23 May 6, 2010 by wmm208
And i love all the attention you are giving me. Its better that way. You make myself feel so proud. You loathe me. They say what you hate, your envy. Schade...
06:30 May 6, 2010 by pmach
No I pitty you because you really are quite stupid and I have fun doing it knowing that it pisses you off and I get to show everyone on the forum how stupid you can be. So thanks!
06:34 May 6, 2010 by wmm208
Applaud to pmach for doing something today besides getting off his fat ass from the couch and ordering his daughter to get him a Molson ber while he hits her in the ass and asks if she feels his mojo. Great job. Now, take your meds pmach. Make sure you take all of them. And when you do your shock therapy remember, Achtung! Do not talk to the public. Please take your meds. You are mentallly ill. Typisch...
06:50 May 6, 2010 by wmm208

"what jeware"

There is the xenophobia German. Trying to pass as a Canadian. You are a liar. Your a German. You want to be me. You want my value added.

Who the hell would want to invest in Canada with that 15% witholding tax. Scares everyone away. HSBC is not an American bank you ninny.

Your fat and racist. Your not a good German. You need to obey. Du nicht verstehen? Am i making myself clear? Shut u and pay for the Eurozone. Alles klar

i just kissed your mom. She stinks....
08:01 May 6, 2010 by Prufrock2010
Is there no adult in the room? This whole puerile thread should be nuked.
22:50 May 6, 2010 by Beachrider
What does all of the off-topic fiction have to do with the EU and Greece? Nine rants about the USA from one perspective-challenged Canadian! And to think that this thread was about Germany and Greece!

It is good that the Germans are building belief that Eurozone countries have the financial discipline to straighten out issues like the Greek deficit. The IMF is correctly augmenting the ECB activity. The Greeks will beat on each other a little more, but the sun will come up tomorrow.

I would advise the overzealous Canadian to keep things in scale. I don't like the American borrowing issue either, but we have a long history of resolving them without defaulting.

The anti-China and anti-USA sentiments are just foolishly broad statements that don't speak well for any perspective.
01:26 May 7, 2010 by baltog
In the late 80's I was leaving in Berlin (Tempel) with a group of English artists (Mondy pithons)..Every morning at Tempel I was awaking up hearing the marseilese melody and few minutes later the american anthem! AND NOW these tiny pure Germans of this time- libareted from their compexes plays the role (caricature) of europe's leaders!!! Politicaly immatures, with a infantile brain organisation and stucture, the germans, proofs how big mistake it was the EU's and US generocity to spend money for their unification!
02:43 May 7, 2010 by pmach
The comments by WMM where wiped so my comments have no reference point with the acception of the other German bashing american named balltog.

Baltog has his own issues which would improve if you could keep the basturd (spelling is workable) on his medication.
12:44 May 7, 2010 by baltog

Don't be angry! You know very well that all these stuff is true! Just relax... the summer is here! Go and spend your german money in American west coast or go to Greek-Aegean islands or go to Spain or Italy...etc. This is your destiny! working hard in germany and spending the money in south europe or america!(not only like tourist..like taxpayer too). Please forget all this german-domination game!!..This 'll NEVER happent. Germany ;ll be allways the most productive european country but :ll NEVER dominate the continent politicaly or....(Jesus Christ!!) millitary.
17:34 May 7, 2010 by Beachrider
I don't know how much this applies to individuals here, but the 'blogosphere' mentality can exaggerate mischief into hatred. Don't give-in to hatred. Speech laced with hatred is only used to scare people or make reasonable people react in unreasonable ways.

Some news outlets in the USA use 'codewords' and 'talking points' to lace their new-broadcasts with this kind of persuasion. It is unlikely to sustain a new-outlet in the long term. One thing about the USA is that we let this kind of stuff live-out-its-cycle so that we build up society.

It isn't always pretty, though.
21:08 May 7, 2010 by pmach
baltog not sure what your are talking about as I am Canadian and have been for the last 46 years. Born and raised and proud to be here. I work my ass of in the gym and sports as I have to remain strong with the little ones, its my commitment to them that at any age I get to I look 10-15-20 years younger than my age and muscled with abs. There nothing like having muscle and abs at 46 it very impressive for anyone my age or older in this lazy day and age.

PMACH is the first initial of each person in my family, wife and three kids.

I am corporate banking and at it for more than 20 years, real estate investor and market investor.

I can read a financial statement six ways to Sunday and I know what the US, Europe look like financially without listening to the media talking heads as there are as many arguments for as there are against you can argue all day in circles. You eventually have to dig into the hard data or forget about it and enjoy life If you are persuaded one way or the other by news, media then you are on the wrong path because thats a yoyo(coffee good, now it bad,wait its good again) Coffee effects the elasticity of your arteries causing them to contract and excites your brain..but it taste so good, you decide if thats what you want.

The numbers that a country spits out are all that really matter the rest is also smoke and mirrors. The US by the way no longer publishes key data on its websites which should be a red flag to most.

Look at the real American data and actually understand it and the first thought that should come to your mind is how is this even possible because where you sit in America the numbers are out of this world and you cannot print enough money to pay all that debt ever, all you can do is buy time. Once you reach a certain critical mass of debt it just runs out of control and thats the US.

The Euro by design does not allow Greece to print new money like America and that is a huge difference and why it came to this so quickly. If Greece could do what the US is doing none of us would be here today as they could just diverted the issue in the exact same way as your country did.

So who is the only Country/bank in Europe who can create more dollars into the trillions like good old America. So the PIIGS get squashed and wine and cannot print to save their bacon and NEED to be saved as a result with their hands tied behind there backs. The question is if Europe looks to one debt product across Europe how much debt can they rack up compared to the US with 450 million I.O.U's is the question. Then they can print themselves into oblivion just like the US has already done.

I vacation in Quebec and Myrtle beach USA by the way as the states does have its positives too. You stay calm I stay calm that's how it works on forums. I bash back when I see Germans or others bashed for no good reason and WMM was all about German bashing without cause and I gave it right back.
22:08 May 7, 2010 by Prufrock2010
I used to have some respect for Canadians.
22:11 May 7, 2010 by pmach
No worries Prufrock we know your warped angle well enough.
01:17 May 8, 2010 by Prufrock2010
pmach --

Really? Then please explain it. And while you're at it, please explain why a Canadian who doesn't work or live in Germany has anything of relevance to say to those of us who do.
Today's headlines
Obama to visit Berlin in last presidential trip to Germany
President Barack Obama and Chancellor Angela Merkel during a Berlin trip in 2013. Photo: DPA.

The White House announced on Tuesday that US President Barack Obama will be paying one last unexpected visit to the German capital - his last before he leaves office.

Hostility towards minorities 'widespread in Bavaria'
A village in southern Bavaria. Photo: DPA.

Hate and hostility towards groups deemed to be different are not just sentiments felt by fringe extremists, a new report on Bavaria shows.

Hated RB Leipzig emerge as shock challengers to Bayern
RB Leipzig. Photo: DPA

RB Leipzig's remarkable unbeaten start to the Bundesliga season has seen them suddenly emerge at the head of the pack chasing reigning champions and league leaders Bayern Munich.

Munich taxi driver in hospital after attack by British tourists
Photo: DPA

A taxi driver had to be hospitalized in Munich on Monday evening after three British tourists refused to pay their fare and then attacked him.

German police carry out nationwide anti-terror raids
Police outside a building in Jena during raids on Tuesday. Photo: DPA

Police forces in five German states carried out raids on Tuesday morning with the aim of tackling the financing of terror groups, police in Thuringia have reported.

The Local List
10 ways German completely messes up your English
Photo: DPA

So you've mastered German, but now it's time to learn English all over again.

Iconic German church being eroded away by human urine
Ulm Minster towering over the rest Ulm surrounding the Danube. Photo: Pixabay

It will now cost you €100 to spend a penny. That’s if you get caught choosing to pee against the world-famous Ulm Minster.

German small arms ammo exports grow ten-fold
Photo: DPA

The government has come in for criticism after new figures revealed that Germany exported ten times the quantity of small arms ammunition in the first half of 2016 as in the same period last year.

14-year-old stabs 'creepy clown' in prank gone wrong
File photo: DPA.

A 16-year-old in Berlin decided he wanted to scare some friends, but his plot backfired in a violent way.

Four Ku Klux Klan groups active in Germany, says govt
An American member of the KKK at a gathering in Georgia. Photo: EPA.

The German government estimates that there are four Ku Klux Klan (KKK) groups currently active in the country, according to a report by the Süddeutsche Zeitung (SZ) on Tuesday.

Germany's 10 most weird and wonderful landmarks
Sponsored Article
Last chance to vote absentee in the US elections
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd