Waiting for the German Godot
No sooner had Greece voted in favor of staying in the Euro zone, than eyes turned toward Spain and concerns about its stability. Less than a day after the election, it appeared that Grece was moving quickly toward forming a governing coalition,
All of the positive moves, however, were seen in the context of a single looming question of whether Germany would be willing to come to Europe’s rescue.
German Chancellor Angela Merkel, however, was not showing any signs of weakening her insistence that Greece hold to demands for further austerity measures. What will result from this week’s G20 is anybody’s guess, but it is becoming increasingly evident that this can cannot be kicked down the road for much longer.