‘When Merkel cried’
Do you remember the G20 summit in November 2011 that was meant to save Europe? An FT article published last week revealed all the dirty details. You have never seen the Number 1 Lady of Europe crying before, have you? With Italy and Greece on the verge of collapsing, the pressure by Obama (who was facing an election) for an agreement here and now brings the German chancellor to tears: ‘That is not fair. I am not going to commit suicide,’ she said.
So what has happened ever since? A series of beautiful lies: Draghi’s ‘whatever it takes’ bluff to save the euro proved to be ‘whatever it takes to push the euro lower’ and keep the German export machine functioning. We are wondering what is going to happen once we run out of liquidity again. Should we expect more tears?
Dafni Serdari
Market Analyst
Published: 19 May 2014
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