There is a sort of morbid fascination in watching the unfolding Greek tragedy in which seemingly inexorable tension builds and then in the nick of time cartharsis is triggered only for tension to immediately resume. A few days ago the EU stitched together a deal which seemed to contradict my previous gloomy prognosis and I admit my own confusion as to 'Maggie' Merkel's conversion to lending German money at below par. However, the markets approved, and the bond dealers sighed with relief and relaxed. Suckers! Now, according to Citywire, a group of German academics are putting together a legal challenge in the German Constitutional Court which is to be presented within a few days. Urgency is necessary because the Greeks are very likely to call down the EU loan very shortly. Also, it should not be forgotten that the whole deal needs to be approved by the German parliament, the members of which are all too well aware of the deep disapproval of the deal by the German people. Stand by for Act 18!
Comments