DAILY EXCEPTION

If Greece goes down, it will be a major body blow to the Eurozone, the Euro and any hope that the European Union can punch above (or even at) its weight on the world stage. Simply put, having fiscal policy set in Athens with monetary policy set in Frankfurt was never going to be easy. (The same incidentally can be said for Spain and Portugal.) But something has to give. Greece needs a bail out and the only ones who can do it are the Germans. The Germans, for their part, dont want to foot the bill for the rest of Europe’s profligacy. On the other hand, if the Eurozone goes down, so does Germany’s aspirations to play a role in the new multi-polar world, so it may just have to grin and pony up. The price that the rest of Europe will have to pay is to finally come under the sway of Berlin (as opposed to Paris which previously ruled the roost). Is that a compromise either the Germans or Europeans can accept? The next few weeks will be interesting.