Exit Merkozy But Will it Really be Merd*?

With Merkozy divorced, pundits are seeking a portmanteau for the new EU couple. France Inter tentatively tried ‘Homerk’ but the Financial Times rudely trumped that with ‘Merd*’ reflecting the euro turmoil seriously rumpling the marital bed.

Zeus ensured Greek thunderbolts were registered by the French (Image wikipedia)

As Hollande flew to meet Merkel hours after taking office on May 15, his plane was struck by lightning and forced back to Paris –  Zeus and fellow Greek Gods up there on Mount Olympus ominously making clear their views on the Franco-German dalliance .

Earlier a deliberately low-key presidential inauguration ceremony was dramatically dampened when moments before the presidential cavalcade reached the tomb of the unknown soldier at the Arc de Triomphe, the heavens opened (Greeks again?) and tumultuously drenched the parade.

Setting out an aphorism for his term in office, President Hollande said: ‘Power at the summit of the state will be exercised with dignity but simplicity, with a great ambition for our country but a scrupulous sobriety of behaviour.’

He somberly told the nation that hard times lay ahead both at home and across the eurozone. The Socialist president was saying nothing new —  hours earlier the Greek political crisis had blown up again, markets across the world crashed and doomsayers were out in force predicting a swift return to the drachma and global financial chaos.

Eurozone finance ministers had meanwhile just met for five hours in yet another bid to save the euro as rumours swirled about a looming Greek exit,  now dubbed Grexit.

As the Economist magazine, in a piece headlined Groping towards Grexit noted “Jean-Claude Juncker, who presides over the zone’s finance ministers, lashed out at the many figures who have more or less openly threatened Greece with expulsion from the euro…I made it perfectly clear that nobody was mentioning an exit of Greece from the euro area. I am strongly against. We are 17 member-states being co-owners of our common currency. I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense, this is propaganda.”

His concerns will surely also be those of the new French president who might care to take a look at some startling figures on the cost to French (and German) banks of a Greek exit, produced by Eric Dor, Director of research at the IESEG School of Management, Université Catholique de Lille and reported by FTAlphaville here:

Huge cost to France if Greek exists euro

Apart from domestic economic woes — the French economy reported zero GDP growth in its  latest quarterly figures —  the freshly elected Socialist president and his conservative German ally face potentially anti-democratic political forces mobilising in Greece.

Greek papers note the disturbing rise of the Nazi party there: “More than half of all police officers in Greece voted for pro-Nazi party Chrysi Avgi’ (Golden Dawn) in the elections of May 6 according to this report  ANSAmed: Greece: More than half police officers voted Neonazi party   — via Zero Hedge .  Further analysis of Greek political turmoil can be found in this piece by Brendan O’Neill  editor of Spiked:  “SYRIZA, the radical left-wing coalition that came second in the recent Greek elections, is being talked about as the spearhead of a new European movement against austerity” a prospect he dismisses as “the institutionalisation of contemporary capitalism’s own self-disgust.”

Ελληνικά: Σημαία Μαίανδρος, Σημαία της Χρυσής ...

The symbol of the Greek National Socialist organisation and political party "Golden Dawn". (Photo credit: Wikipedia)

Furthermore if the vast amount of current analysis of the eurozone crisis is correct, the Hollande presidency and the joint venture with Merkel — herself increasingly hamstrung as Germany’s election draws closer — will be constrained if not dominated firstly by trying to prevent a eurozone meltdown and should that fail, by dealing with the horrendously complex aftermath. As a taster of what might lie ahead the Final Report of Project Armageddon by Dr Tim Morgan, Global Head of Research at Tullet Prebon one of the world’s largest inter-dealer money brokers, deserves a read. The analysis may be UK-centric but fallout from any British economic collapse would affect all involved in the European project.

Here is the Hollande inaugural speech carried on Daily Motion:

Discours de M. François Hollande en hommage à… par elysee

The Merkozy affair is indeed over and perhaps Merde is not a misleading description of what could lie ahead now that international financiers have captured EU politicians ?


UPDATE: As if cloudbursts and thunder bolts were not enough it turns out that the newly appointed Prime Minister has a surname that poses delicate problems in some quarters: France’s Ayrault Creates Anatomical Challenge for Arab Press

Story: Ken Pottinger

Enhanced by Zemanta

Related Posts Plugin for WordPress, Blogger...

If you enjoyed this post, make sure you subscribe to our RSS feed!

You must be logged in to post a comment Login