Spiegel Online International reports that the Italian Pime Minister Mario Monti wants his participation prize for the austerity measures the Italian Parliament talks about enacting. And this prize ought to be in the form of Europe lending him yet more money, this time disguised as Euro bonds—for which Monti expects Germany to put up the lion’s share. After all, goes his argument
Germany is benefiting from the crisis—interest rates on German bonds are way down and the weak euro favors German exporters—and should therefore share its favorable interest rates with its partners[.]
This is like arguing that, because I ruined my credit rating with profligate spending and irresponsible borrowing, which makes the sound credit rating you built with discipline and care seem even better, you, neighbor, owe me access to your credit card.
Moreover, Monti’s threatening to stage a temper tantrum, if his new-found “austerity” isn’t properly funded with other people’s money.
If this strong movement towards discipline and stability is not recognized as taking place, and a certain approach to financial aspects does not gradually evolve, then there will be a powerful backlash in the countries which are being submitted to a huge effort of discipline[.]
A discipline that other nations have been applying as a matter of course.