My letter to Wolfgang Munchau of the Financial Times, London

Re: The make believe world of eurozone rules

Dear Sir:
In your otherwise fine column today–Monday, July 27, 2015–you conclude with this statement:
“…Germany does not want to grant Greece debt relief for political reasons, and is using European law as a pretext.”
Earlier in your column you pointed out that Article 125 of the European Treaty on the Functioning of the European Union prohibits countries from taking on other members’ sovereign debt. You criticize–rightly, in my opinion–the ECJ for ruling that this very clear prohibition can be violated. You then point out that the German Constitutional Court twice had not supported the ECJ’s position. It seems to me that the German view can be interpreted as a defense of the rule of law, which your column says has been ignored by the ECJ, and that Germany’s objection to another bailout is more than merely a political pretext. Not only has the violation of the rule of law by the EU led to the Greek financial crisis, it strikes at the heart of Western civilization.

 

Patrick Barron

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