Germans disrupt debt negotiations once again!

While the voices multiply of the experts calling on European politicians to reach a final decision on the European crisis management and not just the Greek one, Germany seems to be continuing its obstructive tactics pursued since the outbreak of the crisis; thus, they delay finding "a comprehensive and sustainable solution" to the debt problem in Europe.

While the international media were occupied with the call by a multitude of special analysts, the views of whom are hosted by Bloomberg agency, for European leaders to take immediate action, Steffen Seibert, the German spokesman, characterized more or less as daydreamers all those who believe that the upcoming summit will solve the economic problem of Europe.

Specifically, he described the scenarios for a comprehensive solution to the debt crisis as "dreams that will not come true." Similar statements were made by the German finance minister Wolfgang Schäuble, who told Reuters that the final solution to the debt crisis in the Eurozone will not emerge during the upcoming summit on October 23.

All this is unfolding while analysts are pointing out that it is necessary for the EU to prepare a rescue plan by the G20 summit in Cannes on 3-4 November, one that will be "strong enough to ensure the financial problems of these countries will not cause a collapse of the banking system, perhaps a worse one than the catastrophe of 2008".

In its analysis, the Bloomberg agency stresses that European leaders have failed so far to convince the markets about their ability to address the root of the debt problem in the Eurozone. And to do so they must "eliminate the feeling that some Eurozone governments, particularly Greece, can repay their debts, provide a realistic picture of how many European banks will collapse in the event of bankruptcy within the Eurozone and finally, provide financial guarantees long enough to convince the markets that the crisis will not pass on to major European economies." They add that the objective of Europe should be to prevent the spreading of the Greek "disease" to the rest already insolvent countries such as Spain, Italy and even France.

Therefore, the crisis will only stop if a bundle of money is given as a commitment/ guarantee by the European governments to the banks and the Eurosystem in general, which translates to about 3 trillion euros…

However, Bloomberg indicates that money alone will not solve the problems in the Eurozone. "European leaders must find the political will to address fundamental issues such as the lack of a common fiscal authority for the euro so that it can survive."

And regarding the last parameter, Commission President Jose Manuel Barroso’s statement is indicative: "The EU may have to change its conditions to accelerate decision-making processes."