Wednesday, August 25, 2010

German economist speaks up against the euro

Well, actually, that ought to be German economist speaks up again. Dr Hankel wrote to Chancellor Merkel earlier this year, asking her not to introduce dubious legislation that would involve pumping German money into the failing Greek economy. Though there is a constitutional case in the offing the Chancellor preferred not to answer.

Now Dr Hankel has written to her again and there is an English translation of the letter on the internet. Once again, he is asking her to repeal the financial aid legislation, a serious misjudgement in his view at a time when the country is being asked to tighten its collective belt.

Since August 18 7,315 German citizens have put their name to this letter. (That's what it says on the site but the number must have grown in the last few hours.) The first letter was signed by 6,128 citizens. There is an overwhelming popular support for a referendum (at present contrary to the German federal constitution) on the financial aid laws.
Both the "Greek Aid Law" from May 7, 2010, as well as the following "Emergency Umbrella Law" from May 7, 2010, do not only constitute strong offences against EU law, but also against our own German constitution.
On the whole it is hard to disagree with the following appeal:
Germany and the few other still economically stable countries in the Eurozone are sinking money into a barrel without a bottom. This money, that the German taxpayers will have to come up with, will be lost for German citizens and their future. By now you had to acknowledge that our country can neither fulfill its social obligations, nor satisfy its promises to keep and create jobs. I am confident you will live to see that this austerity policy will lead to similar effects as we see them nowadays in Greece: protesting people, burning cars, shattered windows and maybe still worse actions. Can you account for this?
I have no doubt Chancellor Merkel will continue to keep her head buried in the sand.

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