On Pajamas James C. Bennett imagines what it would be like if (when?) Germany’s Bundeskanzlerin has had enough and decides to quit the EMU: The PIIGS Who Fell to Earth.
She relayed her news.
The aides could hear the scream of pure anger as Merkel held the phone away from her ear. The tirade continued for about half a minute. Then there was complete silence. She put the phone back to her ear.
My dear Nicholas, you can hardly complain. After all, you threatened me with the same thing back in May. You see, when you did that, you made explicit what has been the case for some time now. You have placed us in the Prisoner’s Dilemma. You are familiar with that?
Of course. We French know philosophy. The first prisoner who cooperates, gets the deal. In order to avoid having one prisoner betray the others, they must all have confidence that none will cooperate.
And among the Euroland nations with the ability to have a strong currency, the situation is the same. If any one suspects that another is about to leave, the only thing to do is leave first. When you threatened to leave, we realized that was the position in which we had been put.
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With the symbolic reinstatement of the Deutsch Mark Börsennews.de is not supporting to the abolition of the Euro, however the desire of many citizens for economic security. One thing is clear, the German Mark represented the economically strong and healthy Germany. The Euro represents a cracked economic system, not only throughout the world, in Europe, but above all in Germany.