The way that Greece has been manhandled this past week is exposing a new Germany.
Over the past week, we have seen the clearest, most naked display of German aggression since the end of World War ii. Germany, of course, has been ruling the eurozone for years. Der Speigel even called Germany the new “Fourth Reich” earlier this year. But for the most part, Germany has concealed its dominance behind a fig leaf of consensus.
That ended this week.
EMU creditors have Greece’s Alexis Tsipras by the scruff of the neck, but he has a knife to their throats
Europe’s creditor powers have started to wobble. Berlin, Paris and Brussels are coming to the grim conclusion that Greece may not capitulate as expected, and time is running out fast.
Athens is now warning openly that the “moment of truth” will come on June 5, when the country faces default on a €300m payment to the International Monetary Fund, unless the EU authorities hand over the next tranche of bail-out cash. Continue reading