Sarkozy: “Without the euro there is no Europe…”
That was the exaggarated claim of French President Nicolas Sarkozy as Frau Bundeskanzerlin blinked over her demand that private bondholders be made to share the burden of a ‘Greek miracle’ second Greek bail-out. Although where that leaves the Bundestag is another matter… And now that the French and German leaders are in agreement it’s down to the Greek Prime Minister George Papandreou to forge a domestic political consensus. Or not. A new political contract is essential for Greece to survive the current crisis. For this contract …