Greece Cash Collateral: Grabbing the Donkey’s Tail

Many economics experts  have repeatedly criticized the EU leaders for lack of political vision. For grave delays in resolving the European crisis. Delays that broaden the gap between the North and the South, pushing millions of EU citizens into dramatic economic underworld. Lack of political will and vision push inevitably the member-states of the eurozone in a vicious circle of debt and loan and new debt and loans. And making the Euro-family particularly vulnerable to speculative attacks and dubious purposes of rating agencies. The debt crisis of Greece showed  the nudity of Maastricht Treaty, the lack of foresight. No provisions for exiting the eurozone, no provisions for failure to meet the targets.

Now a new impasse arises with Greece’s lenders demanding cash guarantees or collaterals. Following the Greek-Finnish agreement  for cash guarantee deposit, Austria demanded equal treatment for all lenders. The Netherlands, Slovakia and Estonia grabbed the donkey’s tail and raised similar demands and cash guarantees from a bankrupt fellow state. European solidarity ended quite a while ago, the European spirit evaporated in the fumes of the bankers.

The impasse arises just weeks after the glorified Summit of July and confirms one more time the dilettantism of the EU leaders, including the short-view of the Greek government and its advisers. 

At the very end, I am glad that Greece’s lenders don’t demand as collateral a pictoresque island, a few columns of the Acropolis, or a ship full of slaves – including the rowers.