Saturday, 13 April 2013

who moved my cheese?

Doubtless the governments of Cyprus, Portugal and Spain will accept the extra funds and for the latter the extended repayment periods offered coming out of the summit in Dublin, but in a rare moment of clarity—though mostly ignored I think as disingenuous, there was a lament by the recipients that more money is not what the beneficiaries need in this crisis. It is possible to throw good money after bad, but no one is going to turn down generosities, even when they might lead to greater sorrows later. The plaintive alternative requested was instead for more administrative flexibilities in managing the assets they have, reforming leadership, regulation and enforcement with but not around those initial life-lines before being presented with overtures of more—with new terms and conditions.
This preposterous suggestion, dismissed, made me think of this scholarly interview from Der Spiegel’s International desk examining the rise of anti-German sentiment across Europe over the euro and re-packaged austerity. It is a difficult and probing question, but I think, from these latest rounds of renegotiation, the public protests are a reflection in part at least of frustration that little flexibility—the structural might that Germany appears to have and seems to influence the body politic, that’s not accorded to the people equitably. Unfortunately, more credit does not equal a measure of determined reform, despite similarly deferred wishes for greater alignment.