Yesterday we wrote that according to a Handeslblatt report, Angela Merkel is "investigating ways to enable countries to leave the Euro." Today Handelsblatt has a follow up with some very critical clarifications which change the equations of the European bailout all over again. Yesterday, the Handelsblatt reported that the CDU "wants to make it possible for European Union members to exit the euro area....A commission within the party, that is crafting a framework to be presented at a party meeting, has proposed allowing a euro member who doesn’t want to or isn’t able to comply with the common currency rules to leave the euro region without losing membership in the EU, the newspaper." In other words, the transition out would be "voluntary." So it is somewhat surprising that in under 24 hours we discovery that this proposal has just escalated substantially: according to the just released Handelsblatt update, "The CDU wants to change the EU treaties to not allow the departure of a debt-ridden country from the euro zone, but also their expulsion. From the request for the party on Sunday evening at Leipzig, by the Handelsblatt (Friday edition), the crucial word "voluntary" was deleted."
The google translation continues: "The relevant passage, which the party chairman and Chancellor Angela Merkel could not ignore politics is now "a member state of the monetary union should not be permanently willing or be able to comply with the common currency related rules, a departure from the € zone be possible without leaving the European Union. It is equal to other Member States which do not have the Euro currency. " In the original version of the resignation should be made possible only voluntarily." The conclusion: "The topic is likely the CDU party congress next week to play a central role. Have in the Commission proposal for the Congress about it already been a fierce debate, told the Handelsblatt of participants. Currently there is no provision in the EU Treaty, a country leaves the euro zone again." That Germany continues to stick a finger into the scab of the possibility of a two-track Eurozone should be quite concernging as it means that the CDU is fighting tooth and nail to preserve reelection chances, even at the expense of jettisoning stragglers such as Greece and Italy. Obviously this is predicated by popular demand. It appears that the German "anger" which we predicted back in July 21 is finally starting to boil up to the surface.