When Germans start thinking they're being treated unfairly it can lead to big trouble.

[pscot]

http://www.nytimes.com/2010/05/18/opinion/18marsh.html?hp

A little over a week ago, European Union leaders approved a rescue package worth 750 billion euros (nearly $1 trillion) for weaker members like Greece, Portugal and Spain, backed by the International Monetary Fund and the American government. The present crisis extends well beyond its immediate causes: bad decisions in Athens, lack of European leadership and a poor economy. These are but the latest twists in a drama that began more than two decades ago....


Yet even as it predicted the trouble, Germany failed to anticipate that the countries running a trade surplus would inevitably need to finance the southern states’ shortfalls. The five most heavily indebted euro members owe German banks an estimated 700 billion euros (nearly $900 billion), and these German surpluses, once regarded abroad as a symbol of great strength, have emerged as a dangerous source of vulnerability. Most sickeningly for the Germans, the indebted nations are likely to say that their debts need to be reduced or restructured in the name of European solidarity.

A German revolt against the attenuated independence of the European Central Bank appears likely, and could jeopardize parliamentary approval for the rescue package. The Germans feel mistreated by a monetary system that makes them pay for others’ largely self-inflicted misfortunes.

And the trouble is far from over. The austerity programs for errant southern states ordained by European governments and the International Monetary Fund are likely to lead to severe unemployment and civil unrest. Some southern euro members may choose to return to their former currencies — or they may be asked to do so by other states.

An overarching structure for political control over the euro is now being erected. But it is likely to be resisted by Germany, the main paymaster, which rejects any idea that German strength is a root cause of recent disequilibrium....

[doc03]

1. Who can blame them I read the story in USA Today about

people getting retirements as early as 40 in Greece. If I was in Germany working in a steel mill at 60 paying taxes to bail out Greece you bet I would be pissed.

[dkf]

2. Exactly.

But many here say this is an attack on Greek social services. We are paying for them too yet are supposed to be in full support of the common man's benefits in Greece.

One day our young people will wonder why they are paying a bill for benefits of our retirees. But I guess they are stuck with us and our foolish decisions.

[aquart]

3. What foolish decisions? Social Security?

[doc03]

6. Now what would you say if say hairdressers or cooks

in one of our states were getting early outs at 50. I worked in a steel mill for 40 years and was exposed to hasardous working conditions and every kind of carcinogen known to man. I wish you were in charge I could have retired at 30. Heck I would have gone into coal mining and retired at 25.

[girl gone mad]

5. The USA Today is wrong.

The average Greek works longer hours than the average German and Greeks are more productive.

http://www.hellenesonline.com/go/2010/05/160-academics-send-open-letter-on-greek-crisis/

[doc03]

7. I don't buy that BS I don't ever remember seeing

a product that was manufactured in Greece.

[girl gone mad]

9. Well, that just settles it then.

:eyes:

[Heywood J]

11. They toil day and night to produce the precious Ouzo.

I've seen plenty of Greek-made products, but I wouldn't say that they're any more productive than the Germans.

[Kringle]

8. being at work, is not the same as working (IMO)

Greece produces nothing

[girl gone mad]

10. They produce something as vital as any manufactured good...

and even more in demand. It's held up the EMU for the past decade. Now that they can no longer produce it, the EMU is crumbling.

[pscot]

4. Disclaimer

The OP isn't intended as a moral judgement or an implied criticism of any Eurozone members. It does highlight the tensions that underlie the current crisis and some of the reasons for them. Whatever your ideological perspective, you can't ignore the realities on the ground. Having lived in Germny and married a German I can attest that a German brooding on his or her resentments is not an easy animal to deal with.