June 28, 2013
The ‘outing’ of the Irish bankers for gaming the central bank and mocking zee Germans has infuriated an election-hungry (and purse-string-holding) Angela Merkel. Appealing to he populist roots, Reuters reports, Merkel exclaimed, “For people who go to work each day and earn an honest living, this kind of thing is very hard to take, it’s impossible to stomach.”
Germany is concerned it will be asked to rescue more mismanaged banks (even with the template of bank resolution in place) as she adds – perhaps most prophetically, “this is really damaging to democracy, the social market economy and all that we work for.”
Of course, this show of disdain seems highly hypocritical since Merkel’s main role is to keep Deutsche Bank alive (as we explained in words and pictures here)…
as we noted previously – If nothing else, it should make clear, once and for all, just who is truly calling the Mutually Assured Destruction shots in Europe.
This article was posted: Friday, June 28, 2013 at 11:28 am