Following the stand-by rescue package (loan amount attached, finally!) was formally introduced and agreed upon by all Euro-Zone countries and as the mist hanging over the Greek economic landscape appears to be clearing, one might wonder why it took so long for the member countries, particularly Germany, to hash out the terms of the package.
No least, the terms cannot even be described as lenient- any amount loaned to Greece shall be charged at or near market (?) rate, at the insistence of Deutsche Government. Indeed one can even call the terms harsh given that it is to be provided to a fellow member-country who shares a common market place and currency.
One explanation could be that, to use an analogy, it is an expression of tough love meted out by a regimented father figure to a child who has gotten use to irresponsible, lavish lifestyle.
Indeed, the metaphor of father-child relationship used in describing relation between Germany and Greece has previously been explored before: in a film made over 20 years ago by the Greek director Theo Angelopoulos called Landscape in the Mist.
The visually somber yet stunning film tells the melancholic tale of a pair of sister and brother running away from their home (and misery) in Greece in search of their father whom they believe is making a living in Germany. One of the most poignant sequences is the appearance of a tree (symbol of shelter?) in the misty horizon and the siblings, visibly tired after traveling alone for many days, begin to run towards the tree.
To understand the symbolism of economic dependence of peripheral EU countries, such as Greece, on Germany, one has to look at the geo-economical conditions in European countries that make up the Euro zone (i.e. countries that adopt Euro as common currencies) and its predecessors (i.e. European Community (EC) and, prior to that, European Economic Community (EEC). Because of its economic prowess, Germany or, prior to reunification, Western Germany has been the proverbial bread-earner. It has been doing so decade-after-decade by revving its export machine and running current account surpluses. The resultant capital inflows ensure that member countries get to tap funding relatively affordably and they, in turn, are generally running deficits.
Now that amidst the foggy environment- though less so compared to two weeks ago, the vision of a tree has appeared. the question that will be answered in the coming months is: will the shelter, in the form of the rescue package, be within reach and if so, will it provide enough coverage so Greece can get through the necessary reforming efforts and re-emerge as a competent sibling within the EU brethren.
One can certainly do better than looking for answer in the film... as it ends with an open-ending.
One explanation could be that, to use an analogy, it is an expression of tough love meted out by a regimented father figure to a child who has gotten use to irresponsible, lavish lifestyle.
Indeed, the metaphor of father-child relationship used in describing relation between Germany and Greece has previously been explored before: in a film made over 20 years ago by the Greek director Theo Angelopoulos called Landscape in the Mist.
The visually somber yet stunning film tells the melancholic tale of a pair of sister and brother running away from their home (and misery) in Greece in search of their father whom they believe is making a living in Germany. One of the most poignant sequences is the appearance of a tree (symbol of shelter?) in the misty horizon and the siblings, visibly tired after traveling alone for many days, begin to run towards the tree.
To understand the symbolism of economic dependence of peripheral EU countries, such as Greece, on Germany, one has to look at the geo-economical conditions in European countries that make up the Euro zone (i.e. countries that adopt Euro as common currencies) and its predecessors (i.e. European Community (EC) and, prior to that, European Economic Community (EEC). Because of its economic prowess, Germany or, prior to reunification, Western Germany has been the proverbial bread-earner. It has been doing so decade-after-decade by revving its export machine and running current account surpluses. The resultant capital inflows ensure that member countries get to tap funding relatively affordably and they, in turn, are generally running deficits.
Now that amidst the foggy environment- though less so compared to two weeks ago, the vision of a tree has appeared. the question that will be answered in the coming months is: will the shelter, in the form of the rescue package, be within reach and if so, will it provide enough coverage so Greece can get through the necessary reforming efforts and re-emerge as a competent sibling within the EU brethren.
One can certainly do better than looking for answer in the film... as it ends with an open-ending.
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