The global capitalist debt crisis has created a veritable tectonic shift in European Union the EU – financially and politically. However some are indeed asking is this ‘tectonic shift’ also turning into a ‘Teutonic shift’.
These changes, would normally take decades to come about however it seems to have happened this time in just 4 years.
The answer in German is the popular word [...] Continue Reading…
The German Minister of Finance Wolfgang Schäuble is reported to have said yesterday that non-government private commercial lenders to Greece should either take a hair-cut or be given a hair-cut.
Brussels also wants these private banks to accept ‘haircuts’ – losses- of 30%-50% of their holdings in Greek debt instead of the presently agreed 21%.
In other words private banks should [...] Continue Reading…
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