Germany “Not Concerned” As The Cradle Of Democracy Rocks The Autocrats And Kleptocrats | Zero Hedge.
With Greek CDS surging to near post-bailout highs (and short-end bond yields back above 11%), it appears the market is anxious of the endgame as tomorrow’s 3rd and final ‘snap-election’-saving vote looms. Following Samaras fearmongering yesterday, it appears Germany is starting to fear the worst (and play down its effect), as Merkel’s bloc states “the prospect of a Greek sovereign default is no longer a concern for euro member countries and financial markets,” adding “hope that Greece’s international partners would pay if the country’s policymakers refuse to carry out necessary reforms is misplaced.”However, as Bruno de Landevoisin notes, “what is at stake is none other than the prosperity of the common man pitted against the privilege of concentrated power.”
As Bloomberg reports, Germany appears to see the writing on the wall…
Hans Michelbach, a senior lawmaker from Chancellor Angela Merkel’s Christian Union bloc in parliament, says prospect of a Greek sovereign default is no longer a concern for euro member countries and financial markets because banks have got rid of their Greek bond holdings.
Any hope that Greece’s international partners would pay if the country’s policymakers refuse to carry out necessary reforms is misplaced, Michelbach says in e-mailed statement.
Greek people would be the main victims of a default
Says Greece should further privatize its public sector
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But we leave it to Bruno de Landevoisin to explain the broader implications of tomorrow’s vote and the inevitable endgame…
