Aha! A small sleepy village in the German Upper Bavaria has the solution to Greece’s fiscal problems. The village is called “Peissenberg” and has a great man born there: Alexander Dobrindt. “Greece should start paying 50% of salaries and pensions in Drachma!” This revoluationary ’emission’ came from the lips of the executive secretary of the Christian Social Union (CSU), Alexander Dobrindt. CSU is the Bavaria-based arch-conservative sister party of Chancellor Angela Merkel΄s Christian Democrats (CDU).
Of course, the German politician was unable neither to elaborate in economic ABC-terms how Greece could practically manage a partial return to its old currency without triggering turmoil in financial markets and a likely run on its banks. Nor how this would affect the euro zone.
German MP: Greece should pay wages in drachmas
Greece should start paying half of its pensions and state salaries in drachmas as part of a gradual exit from the euro zone, a leading German conservative was quoted on Monday as saying.
Alexander Dobrindt, general secretary of the Christian Social Union (CSU), the Bavaria-based sister party of Chancellor Angela Merkel΄s Christian Democrats (CDU), has long argued that Greece would be better off outside the euro zone, according to Reuters.
“With Greece we have reached the end of the road. There must not be any further aid. A country which does not have the will to fulfil the conditions, or is not able to do so, must get a chance outside the euro,” Dobrindt told the daily Die Welt.
The CSU has often been more critical of EU bailouts than Merkel΄s party, but his comments underline the degree of German frustration with Athens over its continued failure to meet reform targets under its 130 billion euro aid programs.
“Greece should start to pay half of its civil service wages, pensions and other expenditures in drachmas now,” Dobrint added.
“A soft return to the old currency is better for Greece than a drastic move. Having the drachma as a parallel currency would allow the chance for economic growth to develop.”
Dobrindt did not explain how Greece could manage a partial return to its old currency without triggering turmoil in financial markets and a likely run on its banks.” (via Capital.gr)
Expected any explanation based in logic arguments? He is just a politician…. Alexander Dobrindt from Peißenberg, Bavaria. As we say in Greek, “the man not even recognized by his own doorman” gets 5 seconds (or 7 lines) of publicity.
July 2011: German protesters of Munich Airport expantion “decorate” Dobrindt with tomatoes and eggs
A unique opportunity for someone to come out of the boring oblivion and cross the tight borders and high fences of the picturesque pasture of Upper Bavaria.
oops! Peissenberg disappeared from the map in small size picture
What pensions? There’s no money left for pensions after the “debts”-cut
oh there is still money for pensions. hardly for 450E of private sector but always for 2,500-3,000 euro per month for DEKO and civil servants.
Am i allowed to comment
generally, yes, you are.
Why only 50%? And why should only the pensioners suffer under the inflationary new Drachme? That’s rather typical for the CSU: When there’s only two logical alternatives for a problem, you can always count on some hillbilly MPs to come up with a lousy compromise that’s even worse than both options.
They have to start somewhere. a bit like the Irish some years ago deciding to go driving on the right of the road instead of left. They were going to get the trucks to do it first, and then let the cars follow 2 weeks later…