The debt crisis in Europe is to test for the single currency. A legal opinion of the Bundestag has now determined that the Article 122 of the TFEU provides a legal basis for Germany’s commitment to help Greece, because it concluded that the Greek budget crisis is an emergency.

Literally from the corresponding passage says that a state can be helped “is the result of natural disasters or exceptional occurrences beyond its control, by difficulties or is seriously threatened with severe difficulties” (Art 122 (2) TFEU). The politician Dr. Schick spoke of speculative attacks, which Greece was exposed as a typical case of such an emergency.

However, it is the less imaginative observer but hard to see the long-term falsification of statistics, with the active assistance of the competent Council of the banks is as a natural disaster. The reaction of the financial markets is probably endogenous, if one assumes that the forgeries to the investors in the allocation of the purchase of the bonds or loans were not known. For the Greeks still remains the possibility of exercising control by saving now, as and to work longer, possibly for less pay than before.

This situation is now considered a blow for Greece and the EU as an opportunity to redistribute the tax dollars of the Member States in favour of Greece. It also showed a very peculiar understanding of the law in Europe that threatens to alienate the citizens of the European integration. Why should taxpayers have to be ready to meet their obligations? Why should workers in this country to be ready to work until 67, when the Greeks to extend the working life be spared by our payments?

Why should transfer recipients to be willing to take losses into account? Somebody will have to pay! It is just a matter of spending money faster than the other Europeans are! There is an old proverb that says that who live in glass houses should not throw stones. Nevertheless, the Greeks are probably still has the upper hand, and German banks in particular are likely to fall again in imbalances.


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