It's not just economic mines that are being set off in euro-land with Greece threatening to be the first to go broke but also, and perhaps more seriously, a legal landmine has been primed and when that blows the shrapnel will spray everywhere! As A E-P explains in The Telegraph, the advocate-general to the European Court of Justice has given his opinion that the European Central Bank was within the law when a few years back it went in for some (very minor) support for Spanish and Italian debt. This, of course, goes absolutely and directly against the ruling of the German Constitutional Court sitting in Karlsruhe, the highest legal authority in Germany. A few tiny fig leaves were tossed in Germany's direction mostly, perhaps, to spare the 'Kaiserin's' blushes, but the brutal fact is that a direct and unavoidable collision between Germany and Brussels is now imminent.
The 'Kaiserin', a 'ducker 'n' diver' of Olympic capability, cannot now avoid choosing to support or disregard the highest legal court in her land. Mind you, I have no doubt that in 'ze cellars of ze German government' considerable pressure in the form of arm-twisting, or even rubber truncheons, will be applied to the German judges to try and persuade them to back down and let the 'Kaiserin' off the hook. However, from the little I know of them, they guard their independence with vigor, so if they stick to their line that the ruling by the European judges goes against German constitutional law then 'die scheiße am Dampfen' - er, that's 'the shit hits the fan' for all you ignoramuses who haven't mastered the 100-odd languages on Google Translate!
With a dash of the sort of historical 'swottism' that I lack, A E-P sums it up thus:
It is far from clear what will happen when the case goes back to Karlsruhe for a final ruling. The Verfassungsgericht may capitulate, but you never know. In extremis, the court may prohibit German institutions from taking part in bond purchases," said the Frankfurter Allgemeine.
This is the Investiture Contest of our times, echoing the 11th century clash between the German emperor Henry IV and the imperial papacy of Gregory VII over supremacy in Europe.
Gregory chose to challenge the settled dominance of secular princes, angling for an absolutist and unworkable theocracy. He won a Pyrrhic victory when Henry prostrated himself in the snow at Canossa, but only to stir up forces that he could not control.
It was Henry who conquered Rome. It was a deposed Pope Gregory who died in exile.
Send in the panzers, Ma'am, there's precedent for it!
With "Panzerleid" being belted out of speakers attached to said panzers Duffers?
Posted by: AussieD | Thursday, 15 January 2015 at 09:31
No, AussieD, perhaps "We will rock them" might be more diplomatic!
Posted by: David Duff | Thursday, 15 January 2015 at 09:49
Diplomatic? FFS mate. Have you been hitting the sherry early?
Posted by: AussieD | Thursday, 15 January 2015 at 09:57
I believe this is what will be playing from der koningen's lead panzer division.
(Sorry David. I had to do it, particularly as you remarked recently how much you enjoyed a soprano in full flow.)
Posted by: Kevin B | Thursday, 15 January 2015 at 10:33
The Krauts will back down.
Depend on it.
Posted by: Andrew Duffin | Thursday, 15 January 2015 at 12:06
Gott im Himmel, Kevin, fetch the aspirin!
I think you're right, Andrew.
Posted by: David Duff | Thursday, 15 January 2015 at 12:57
It is amazing how much trouble a small country like Greece can cause within something as massive as the EU. Doesn't seem to be a way out of it.
Posted by: Whitewall | Thursday, 15 January 2015 at 13:38
Easy way out, Germany repatriates Greek gold stolen in the war then no need for EU junk bonds.
Posted by: Peter Whale | Thursday, 15 January 2015 at 14:34
'Elf 'n' safety warning', Peter, don't hold your breath!
Posted by: David Duff | Thursday, 15 January 2015 at 18:59
The Jerries take their constitution very, VERY seriously, and the Constitutional Court was deliberately sited in Karlruhe to keep it away from the politicians in Bonn and then Berlin.
Be a bugger if we have to rely on a German court to put the boot into the Euro-Creepies.
Posted by: Oswald Thake | Friday, 16 January 2015 at 11:23
Unfortunately I think we do, Oswald, but I fear that they will have been 'got at'!
Posted by: David Duff | Friday, 16 January 2015 at 11:42
If the lefties do get elected and do intend to pull out then thousands of Greeks will leave for Europe as they are entitled to do. The far right will probably take over again in a Coup just like the former Colonels' regime. It will get nasty.
Posted by: jimmy glesga | Friday, 16 January 2015 at 20:12
Jimmy, don't democracies eventually commit suicide anyway?
Posted by: Whitewall | Friday, 16 January 2015 at 20:36
Whitewall. Some do, I suppose it could happen in Britain provided the military support it.
If people feel the democratic government is not protecting them from terrorists then it is a definate prospect. Harold Wilson apparantly feared a Coup.
Posted by: jimmy glesga | Friday, 16 January 2015 at 23:19