How long must we sing this song?

This is the small comment my friend (and correspondent) Evangelos Aretaios, told me to write for Politis Daily, a cypriot newspaper:

These last days have been the clearest evidence that for some time the euro crisis has been fostered not by the economic downturn but the decisions taken to face it. Our leaders have acted not as firefighters but pyromaniacs. And when the fire goes out of control, as we have seen before and after the Cypriot parliament rejected the terms of the bail out, the blame game is the only way to follow for our leaders.

Was it worth it to put a whole country, the Eurozone and even the global recovery at stake for 5.8 billion euros? A lot could be said, but the reaction of a still heated Wolfgang Schauble after the vote illustrates the bottom line of the problem. The Eurozone “won’t rescue a business model that has failed”, he said. Sure, the German Finance minister was referring to the oversized Cypriot banking sector and its questionable ties with Russia. But he forgot about the unfair decision imposed on the Cypriot small savers such as pensioners, the risk of contagion to an already flagellated Southern Europe, the damaging impact on the coming banking union, the shameful “corralito” and the privilege space given to the “Russian savior”. Once again, Berlin was trying to solve one problem creating a much bigger one. 333 million citizens have paid for too long the huge cost of the German misguided lectures. How long must we sing this song?

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