And Now it’s Portugal; Germany May Get another Opportunity
And Now it’s Portugal; Germany May Get another Opportunity · March 10, 2011
“The European Central Bank intervened to prop up the eurozone bond markets on Monday as political leaders and bankers warned the debt crisis was deepening amid fears Portugal was edging closer to an international bail-out.
“Although European Union officials denied they were talking about a bail-out for Portugal, the ECB had to buy the country’s government bonds to stop the market selling off steeply before important debt auctions in Lisbon…”
Investors are more and more skittish about Portugal’s debt, and the fear that a bailout will be necessary is widespread, causing Portugal’s cost of borrowing to jump.
Josef Ackermann, Deutsche Bank chief executive said that the Eurozone governments need to use the debt crisis as an opportunity for greater economic integration. “The time has come to deepen economic and currency union,” he said.
António Bagão Félix, a respected former finance minister of Portugal said “that it was no longer a question of ‘if’ Portugal would have to get a bailout, but ‘when.’ The cost to the country of high bond yields was increasing every day, he said. ‘The situation is unsustainable.’”
The struggle for the Euro is going to continue to provide Germany with opportunity to strengthen and consolidate its control over the European economy and politics. Deeping integration of the European economy will certainly strengthen Germany. But other EU leaders are reluctant to promote solutions that will increase Germany’s power more than it already is. Hence the process takes time. But Germany bids her time and acts when the opportunity presents itself. Keep your eye on Germany. Don’t forget that without the assistance of the Vatican in overthrowing Eastern European communist governments, Germany would still be divided and unable to grow into power. The Holy Roman Empire is returning.
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