The panicked mood over Greece has increased the pressure on eurozone leaders, and inspired feverish talk of grand plans that might or might not be unveiled at the EU Summit at the end of this month – “if only Germany would agree”.
After spending yesterday in Berlin, I can tell you the German government is mightily fed up with all this speculation – and fed up with getting blamed for everything bad happening in the global economy (last week’s cover of the Economist, for example).
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I interviewed the Deputy Finance Minister – Secretary of State Steffen Kampeter – after the German chancellor’s strident speech to the Reichstag.
He made clear that on one major point – eurobonds – the speculation about what Germany might be willing to accept in time for the summit was simply wrong.