Guardian
May 14, 2012
There is a ritual in European politics that is stretching the patience of its citizens. International lenders push for a debt problem to be resolved. They are ignored. They withdraw loan facilities to the country they are worried about to provoke some action. Seconds before the country in question runs out of cash, Brussels – reluctantly backed by Berlin – runs to the rescue, ditching its hard line and emptying its purse in the process.
Like a mother and father accused of inconsistent parenting, Brussels is flip flopping in its treatment of countries that behave like children issuing one blackmail demand after another. Every time the German half of the relationship makes a speech about tough love, another adult in the family offers a helping hand. Last December a kindly uncle in the form of Mario Draghi, boss of the European Central Bank, stepped in. He reversed the policies of his predecessor by issuing hundreds of millions of euros to eurozone banks which invested in indebted states such as Spain, Italy and Portugal. It was nothing less than a back door handout.
Instead of being denied privileges and sent to bed early, the wayward children were being given another bowl of Smarties to chomp.
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