The Eurozone Debt Crisis gets Ugly as the Greeks call their German Benefactors Nazis

Posted by PITHOCRATES - February 18th, 2012

Week in Review

Germany is the strongest nation in the Eurozone.  While they retain their triple-A credit rating other countries face credit rating downgrades.  Or warnings about future downgrades.  Which puts the Germans in the Euro driver seat.  Because they’re shouldering the biggest share of this Eurozone financial burden.  One would almost say they are doing the other Eurozone members a favor.  But the Greeks sure don’t feel this way (see Greeks brand Germans ‘Nazis’ for driving through painful cuts and ‘taking control of their economy’ posted 2/15/2012 on the Daily Mail).

Greek anger with the way they believe Germany has taken over their economy is boiling over on the country’s streets.

In recent days, protesters have burned German flags and defaced the Bank of Greece’s headquarters to make it look like the Bank of Berlin.

German chancellor Angela Merkel has also been depicted in Nazi uniform on the front page of right-wing newspaper Democracy above a headline alluding to Auschwitz.

Granted, Hitler did conquer Greece.  And he did so ruthlessly.  But not because he wanted to.  Mussolini attacked Greece.  And was humiliated.  This blunder threatened Barbarossa.  The Nazi invasion of the Soviet Union.  Hitler had to save Mussolini to keep the British (in and around the Mediterranean) off their southern flank.  While preparing the Greek invasion Yugoslavia threw a wrench into the plans with a military coup.  Shut down his free passage through Yugoslavia.  Threw Hitler in a rage.  So he was going to teach them a lesson.  And did.  He ruthlessly attacked Yugoslavia.  And kept his army rolling all the way through Greece.  But to do this he had to delay Barbarossa by about a month.  Which stalled his armies in the god-awful Russian winter at the gates of Moscow.  The same god-awful winter that destroyed Napoleon’s Grande Armée.  And sent the Nazis in retreat.  For the very first time.  Had it not been for the Greece ‘problem’ Hitler may have conquered the Soviet Union.  And won World War II.  So Hitler had little love for Greece.  Which may have made the Greece occupation a cruel one.

High levels of government spending in Greece to support a very comfortable and growing public sector created large deficits.  They had to finance these growing deficits with growing government debt.  Soon their debt grew so large they could no longer sell new debt to retire old debt.  Because few believed that they would be able to repay this new debt.  Which brought them to this crisis where they needed help from others to finance their debt.  Because they could no longer take care of themselves.

So there’s a bit of difference between the current debt crisis and 1941 Greece.  In 1941 the Greeks were victims of Nazi oppression.  In the current debt crisis Greece’s troubles are self-inflicted.  So comparing Merkel’s Germany to Nazi Germany is a bit unfair to say the least.  And unjust. 

The Eurozone was an ill-conceived plan to begin with.  A currency unity with no political unity?  What did they expect?  No nation wants to take orders from another nation.  Any who tries may be called, well, a Nazi.  And this is why the Eurozone was ill-conceived.  Because no nation wants to take orders from another nation.  They just want to keep on doing their own thing.  Like the Greeks did.  And now Greece’s problem is everyone’s problem in the Eurozone.  Because of that common currency.

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