Yesterday evening all 17 Euro member states agreed upon a package to save Greece. And this package once again succeeded at buying time with money. My money. It is estimated that the Greece bailout will cost Germany up to 70 billions. Considering the population of about 80 mio (including all babies, ..) that's about 875 €, or $1261 for me. Add interest and receive pure fun.
Will it help? Well, yes, for a while. Apparently the euro members want to optimize governance in October. I guess that's something.
Actually, if somebody asked me how much I, personally, was willing to pay for the existence of the Euro, I'd probably name a 5 digit number, so the deal isn't all that bad. It's just that it doesn't attack the core problem. As long as some members of the union spend much more than they earn, I will have to give them money.
Greece needs to create institutions that are able to tax the rich. Right now they need to take the money from the middle class, because the rich can easily avoid paying. There are jokes about people who own yachts and earn some 20.000 € a year according to government records. I don't think that's all that funny; nor do the Greek people think so.
Right now it seems we go the easy way: Eurobonds. That, of course, solves the current crisis. Unfortunately, it also creates the mother of all moral hazards. If Greek politicians can spend my money without me having any effect on their elections, we are in for a lot of trouble.
Unfortunately, I would have a real problem electing a Greek politician, because he doesn't speak German. Well, I could communicate in English, if he could, but many Germans cannot. The fundamental problem of the European Union remain language barriers. Sadly nobody, certainly not the French, does something about this.