No bailouts for the people: Deputy prime minister of Greece slams Germany and EU leadership for play, page 1

www.sott.net... -s-tune

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Quote from source:
The escalating dispute came as a general strike in Greece spilled over into violent clashes between hooded youths and riot police in Athens. Chants of "burn the banks" are a foretaste of tensions once austerity measures bite in earnest later this year.

Public and private sector unions joined forces to bring the country to a standstill for 24 hours, halting flights, trains, and shipping, and shutting schools and hospitals.

Theodoros Pangalos, deputy prime minister, said Germany had no right to reproach Greece for anything after it devastated the country under the Nazi occupation, which left 300,000 dead. "They took away the gold that was in the Bank of Greece, and they never gave it back. They shouldn't complain so much about stealing and not being very specific about economic dealings," he told the BBC.

Twisting the knife further, he said the current crop of EU leaders were of "very poor quality" and had botched this month's crisis summit in Brussels. "The people who are managing the fortunes of Europe were not up to the task," he said.

One banker said the situation was surreal. "How can they call the Germans incompetent Nazis and still expect a bail-out?"

Mr Panagalos has gone even further than premier George Papandreou, who said Greece had become a "guinea pig" for squabbling eurocracts playing power games.

Athenian rhetoric has confirmed fears in North Europe that the ruling PASOK party is still in denial about the crisis and will not deliver on promises. The insults have caused bitterness in Germany, increasing the possibility that Europe's paymaster will lose patience and leave Greece to its fate after all.

Hans-Werner Sinn, head of Germany's IFO economic institute, said Athens was holding Euroland to ransom, threatening to set off mayhem if there is no bail-out. "Greece should never have entered the euro zone because they did not qualify and they are now blackmailing other European countries via the euro. It's not for the EU to help Greece. We have an institution that is very experienced in bailing-out activities: the IMF," he said.

Dr Sinn said Europe should call Greece's bluff. If the euro falls, so much the better. "The euro is overvalued anyway. It is way out of line, and a weaker euro would be quite useful for Europe to stimulate exports."

I thought I would post this as it seems Greece continues to get worse and worse. I feel for the people over there and it seems like a premonition of what is going to go on over here.

Any thoughts?

Pred...