[IANAE]
In his blog today Krugman speculates that the ECB's action in refusing Greek govt. bonds as collateral on lending to Greek banks might have a deeper meaning:
".... it’s a wake-up call: dear Chancellor Merkel, we are *this* close to watching a Greek banking collapse and euro exit, and are you really sure you want to go down this route? Really, really?"
I suspect that Merkel underestimates Greece's desperation, or perhaps overdoes her need for popular support in upcoming German elections. It's generally a bad idea to bluff someone who has bugger-all to lose. I strongly suspect that Tsipras and Draghi know this. Varoufakis certainly does.
My prediction - either a Grexit or the not-so-slow decline of Merkel's place as the Eurozone's de facto dictator.
[/IANAE]
In his blog today Krugman speculates that the ECB's action in refusing Greek govt. bonds as collateral on lending to Greek banks might have a deeper meaning:
".... it’s a wake-up call: dear Chancellor Merkel, we are *this* close to watching a Greek banking collapse and euro exit, and are you really sure you want to go down this route? Really, really?"
I suspect that Merkel underestimates Greece's desperation, or perhaps overdoes her need for popular support in upcoming German elections. It's generally a bad idea to bluff someone who has bugger-all to lose. I strongly suspect that Tsipras and Draghi know this. Varoufakis certainly does.
My prediction - either a Grexit or the not-so-slow decline of Merkel's place as the Eurozone's de facto dictator.
[/IANAE]
via International Skeptics Forum http://ift.tt/1LQSoHT
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