A Greek tragedy

Images of burning banks and demonstrations in Greece, many fear, may herald another
financial firebrand. Just as the industry was beginning to - very carefully - heave a sigh
of relief and dare hope for a return to normality in the mid-term, words such as ‘state
bankruptcy', ‘mass inflation' and ‘public over-indebtedness' circulate again and send the
euro and stock markets, bloated with cheap cash desperate for safe havens, tumbling.

Germany's reticent stance on a Greek bail-out hasn't helped matters. Despite having
one of the world's largest economies, and certainly the strongest economy in Europe,
Germany's international financial policy resembles a persistent reluctance to bring its
economic weight to bear.

Let's not forget, while other governments moved swiftly and decisively to act in
the wake of the Lehman crisis, Germany's top politicians called the financial crisis a
"predominantly American problem" only to realise later the global nature of the issue.

Regarding the Greece issue, Germany's hesitation doesn't just run counter to the
"European ideal", but the country seems to have forgotten the fact that its exportoriented economy has benefited the most from the European Union. This time at least it is evident that whatever happens in Greece is not a "predominantly Greek problem".

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• DACH