Zakaria: In defense of German sluggishness
German Chancellor Angela Merkel.
November 4th, 2011
06:59 AM ET

Zakaria: In defense of German sluggishness

By Fareed Zakaria, CNN

It is ironic that Greece - a tiny economy that is a mere 2.2% of the Eurozone and not even among the top 25 economies in the world - has produced so much turmoil. But there has always been a fundamental flaw in the design of the Eurozone. Europe created a single currency without adequate fiscal policy coordination. Very competitive economies like Germany were joined together with uncompetitive economies like Greece.

Nevertheless, I remain cautiously optimistic. This is because, despite what many critics say, Germany is playing its cards right. Many argue that Germany should come up with a dramatic solution to the debt problem.  Chancellor Angela Merkel is not leading, critics charge. I disagree. Germany has a good reason for being sluggish.  It is trying to force countries like Greece to enact meaningful reforms.

The German concern is that if they come up with some dramatic solution to the euro crisis, such as guaranteeing everybody’s debt, financial panic would end but countries like Greece and Portugal would feel no pressure to undertake necessary reforms. These countries would not get their budgets in order; they would let their fiscal houses continue to crumble; they would not become competitive.

All of Germany’s leverage would evaporate the moment it wrote the check to its neighbors. Indeed, a couple of weeks ago, Germany watched as the European Central Bank responded to a financial scare in Italy by intervening.  The situation stabilized. Then the Italians immediately began watering down their commitments to enact economic reforms. This is Germany's nightmare.  It's what they're working so hard to avoid. Understandably, Germany is trying to force as much real reform out of debtor countries as possible before writing checks or making guarantees.

Germany is doing this not just for sound economic reasons.  There are also political motivations. Angela Merkel couldn’t do it any other way. The German taxpayers would revolt if she suddenly guaranteed the debts of countries like Greece. They would feel like they were falling into the same trap that caused the problem in the first place. For these reasons, you’re not going to see dramatic action from Germany.

What you’re going to see instead is some complex solution that places pressure on Greece and other countries to reform while at the same time reassuring markets that Germany will not let the euro fail. This is understandable and sensible, but it will not satisfy the markets, which want a simple, clean solution. For this reason, the Germans are flirting with disaster. What is likely to emerge is a complex, incremental solution. The markets will have to learn to accept it.

The part that I worry about is that even after all of this, Greece is probably not salvageable.  It has too much debt and, fundamentally, it is not a competitive economy. It doesn’t make anything anyone wants. This is not true of Spain or Ireland. Spain and Ireland are quite dynamic economies that got hammered by the financial crisis. So the real question is whether there is some way to ring-fence Greece from the rest of Europe. Perhaps then there’s a scenario in which the Germans guarantee all remaining debt.

The truth is: Greece has defaulted before. There’s a book out that says that since it’s independence in the 1830s, Greece has been in default for 50% of its national existence. The difference is that now the Germans are willing to bail the Greeks out. That’s what’s new.

Europe is trying to create a greater, integrated economy. And this project has gone on for 25 years. For 25 years, everyone has said it’s all going to collapse. But it doesn’t collapse. In fact, far from collapsing, Europe has gotten in some ways larger, stronger and deeper. Now this crisis is clearly the biggest challenge Europe has faced. And Europe has reached this point because the currency was badly designed.

I can’t be sure Europe will get through this mess. My best guess is that, eventually, the solution will come from the European Central Bank (ECB). Like the U.S. Federal Reserve, the ECB has a lot of power and leeway.  If it just started guaranteeing or buying various kinds of debt, it would be able to stabilize the euro. And that’s also politically more palatable.  If the German government has to “recapitalize the ECB” that sounds much better in German than saying “we’re going to bail out the Italians” - even though effectively it is the same thing.

On the leadership of Greek Prime Minister George Papandreou, I actually think he’s trying to handle this in a pretty responsible way. He has accepted huge budget cuts – cuts that, frankly, no American politician could ever accept or enact. The Greeks have gone through two rounds of huge budget cuts. They are proposing a third round of these budget cuts.  But Papandreou is also a politician and he recognizes that his political situation was getting very difficult. And he saw that the opposition party was acting incredibly irresponsibly by opposing the terms of this European bailout and so he called their bluff. The whole point of the referendum was to say to the opposition, “Fine, if you want to oppose this deal, then you take responsibility for the fact that Greece will be thrown out of the Eurozone.”

Papandreou's bid worked. He called the opposition's bluff and as a result the opposition backed down. Overall, I think Papandreou has handled this in a pretty clever way.

Interestingly enough, as a footnote, the leader of the main opposition, Antonis Samaras, and Prime Minister Papandreou are not just people who know each other. They were roommates in college in Amherst in America. Today they are going through this titanic tussle in Greece. You have to wonder what it’s like to be acting out a great drama on the world stage with your college roommate.

Post by:
Topics: Debt Crisis • Europe • From Fareed • Germany • Greece

soundoff (296 Responses)
  1. Robsssss

    "[Greece] doesn’t make anything anyone wants." -> Wait a minute...don't they make lots of ouzo ?

    November 4, 2011 at 11:31 am | Reply
  2. Bill

    The question is does Europe want to save Greece?

    November 4, 2011 at 11:39 am | Reply
  3. natalie

    OK, Greece has already contributed enough to civilization ie; philosophy, democracy, art, culture, architecture, theater, olympics etc. They once dominated the world. How much is all of that worth? So for now on they get a free ride. They are like our grandparents and we are just going to have to care for them in their waning years.

    November 4, 2011 at 11:52 am | Reply
    • DeeNYC

      Their society died before and they recovered. Let it die again.

      November 4, 2011 at 2:18 pm | Reply
    • Peter

      You are utterly cluless. You need to read History and European Politics. In addition you are just listening to the news that do not adress issues of how things got to that point. The remaining of the European countries are having huge debts (Italy,Spain,Ireland,Belgium, etc) and are all hiding behind the Greek state. AND ONE MORE THING...Do you know how many times GERMANY declared bancrupcy in the past century? 3 . Do you know that its debt was forgiven and Greece was one of the countries that agreed to that after the co-ersion of the U.S. Do you know that Germany demanded an occupation LOAN from Greece upon attacking and occupying Greece? Do you know that Germany stole the entire gold supply from the Central Bank of Greece? In current economic terms we are talking for more than 500 Billion EURO. I can say more but there is no need...STOP LISTENING TO PEOPLE THAT ARE IGNORANT.....Read history and learn.

      November 4, 2011 at 6:32 pm | Reply
      • Stephen

        Dude, Spain is not "heavily indebted" like you think. Matter of fact, spain has one of the lowest debt to GDP ratios in europe. It has debt of about 60% of its GDP which is highly sustainable. IMO, Spain and Italy are just victims of speculators and investors looking to make money off this crisis. When markets fall, they rush to purchase stocks until they rise again before dumping them and gaining profit. Notice how european markets fell even before the Greek government announced its plans of a referendum.

        November 5, 2011 at 8:26 pm |
  4. gary

    0BAMA SUCCESSES:

    1. Lowered US credit rating
    2. Solyndra
    3. 0bamaCare
    4. No more Earmarks
    5. Married a Sasquatch
    6. Gov't Transparency
    7. Closed Gitmo
    8. Stimulus that prevented unemployment from rising over 8%–oops
    9. All Unions that got waivers to Obamacare
    10. Operation Fast & Furious
    11. Duped the American people into voting for him
    12. 3 wars still killing Americans
    13. Secured the borders and sued AZ. and AL. and SC.
    14. Plenty of new 'green jobs' created with our tax dollars....oops

    November 4, 2011 at 11:57 am | Report abuse | Reply

    November 4, 2011 at 12:13 pm | Reply
    • palintwit

      Hey, don't you have some bagging or some birthing you need to be doing somewhere? ( By the way, it's awfully nice that your trailer park manager let's you play with his computer. )

      November 4, 2011 at 12:40 pm | Reply
    • Cajun_Dude

      You must be Herman Cain's sister from another mister.
      You have defined yourself by resorting to such juvenile personal attacks. "Married a Sasquatch"??? Your idea of political discussion is insulting your President's Wife? Same thing as saying you are all wrong because your kids are ugly.
      The Solyndra issue: This company was originally pushed by President Bush during HIS presidency, funded by the Republican Congress. President Obama kept it as a priority.
      The wars: Two were started by YOUR REPUBLICAN President, and President Obama is getting us out of them. He has done more to fight the Terrorists that anyone before. For Lybia, the only one he stepped into from the onset, It was done with no american loss of life, and the Lybians are praising and thanking the help they gave.
      You might be dead-set against President Obama's Affordable Health care Act, but I surmise its because you're healthy, or because you might have some health insurance from your job. When you lose your job, or when you get cancer and your insurance company drops you because you cost them, you might develop a different opinion. We'll just have to wait and see. Our "Free Market" health care system cost per capita is about three times what most any other country with national health care system (we're the only advanced country without one)/ Does that make you feel good? If your car cost three times what it costs in Europe, would you feel like you've been treated fairly? If a country (or populace) has a system deliberately set up to triple the cost of a vital service, there is a reason for it. Its set up against you.

      November 5, 2011 at 8:54 am | Reply
      • Ari Now

        Thank you! Happily, there are still sane people out there speaking up for our current president'1

        November 5, 2011 at 3:51 pm |
    • RedState

      Pal the only Sasquatch here is you, you obviously live in some kinda cave devoid of light, and possibly a toilet.

      November 5, 2011 at 1:51 pm | Reply
    • Chris

      You do realize that most everyone who works under a union contract has a health plan through their employer, right?

      November 5, 2011 at 5:28 pm | Reply
  5. KJMU

    The mess now with Greece is also concerning the option of having a conflict with Turkey. Turkey prime minister, Mr Erdogan has said 3 weeks ago that Turkey will make its presence felt in the eastern Mediterranean Sea and use its capabilities at a time when Greece and Cyprus are looking to exploit recently discovered enormous gas fields off its coasts and partner with Israel to build energy facilities. Turkey, which does not recognize Cyprus's Greek government (Turkey occupy large part of Cyprus in the 70’s in a brutal operation), has bitterly complained about recent Cyprus-Israeli energy deals. This huge natural gas fields have the potential to save Greece from its economic disaster situation…but the Turks like to take it by force and the western world does neither help the Greeks nor the Cyprus's Greek government!

    November 4, 2011 at 12:19 pm | Reply
  6. italian's pay taxes?

    so Joe d'angelo, just as greeks don't pay taxes, itallians are all mobsters?
    hippocrite.

    November 4, 2011 at 12:24 pm | Reply
  7. El

    Hellas or the Hell-enic Republic is being true to its name. You should have seen it coming, EU!

    November 4, 2011 at 12:25 pm | Reply
    • Peter

      The word Europe is GREEK....Greece is the birthplace of Western Civilization...Germany OWES Greece 500 Billion...You need to read HISTORY...YOU MORON...

      November 4, 2011 at 6:24 pm | Reply
      • Lala

        Birthplace of civilization? Germany owes Greece? Hahaha, I bet your real name is Stavros or something. It sure as hell ain't Peter.

        November 6, 2011 at 6:00 am |
  8. letushelp

    Can US save Mexico? You are not so stupid when you are calm. Northern Italy should get independence 30 years ago to separate from the hopeless south. They do not even speak Italian. They speak German.

    November 4, 2011 at 12:32 pm | Reply
    • Marco

      None can help the US. It;s a matter of time (and some new wars in Africa and Iran)

      November 5, 2011 at 2:22 pm | Reply
    • Chris

      Yes, the US can save Mexico, but I don't think it's a pill that either Mexicans or Americans want to swallow.

      It would essentially end in Mexico giving up their sovereignty, and American military operations in Northern Mexico, not something either of us want.

      November 5, 2011 at 5:35 pm | Reply
  9. rancho

    With all due respect to Greece.
    Who is going to save the USA?

    November 4, 2011 at 12:35 pm | Reply
    • DeeNYC

      china

      November 4, 2011 at 2:19 pm | Reply
    • frootyme

      Ask little Bush why he start stupid wars!

      November 4, 2011 at 7:48 pm | Reply
  10. Llewdor

    This bailout is not in Greece's best interests. The Greek people should want to default. They'll recover faster and stronger if they default. They are saddled without mountains of debt no one ever should have loaned them, and the best way out for them is simply to write off all of it.

    The EuroZone wants Greece not to default because the EuroZone representes the creditors. Of course they don't want default. They want at least some of their money back. But forcing this deal on Greece just because European lenders were irresonsible is just bullying on an international scale.

    Greece should reject this deal. And, despite European threats, they won't be expelled from the EuroZone for doing it because there is no mechanism to expel countries from the EuroZone.

    November 4, 2011 at 12:35 pm | Reply
  11. letushelp

    California should be expelled first. Bunch of rioters whose only function is to vote Obama and scream God bless America after Zakaria. Parasites produce garbage and Groupen with America's credibility. Time for each state to get independence.

    November 4, 2011 at 12:45 pm | Reply
    • J.C.

      Excuse me, sir or ma'am, but your d*uchebaggery seems to have burst and gotten on my sleeve. Perhaps you should consider a larger d*uche to contain all of your bile and other noxious fluids.

      November 4, 2011 at 1:20 pm | Reply
      • palintwit

        *** LIKE ***

        November 4, 2011 at 1:39 pm |
    • NorCalMojo

      You might want to check the income tax revenues by state before you make that call.

      November 4, 2011 at 1:57 pm | Reply
    • Chris

      Uhm... no.

      Sadly, we're stuck with both left-wing California and right-wing Texas. 🙂

      November 5, 2011 at 5:38 pm | Reply
  12. J.C.

    Greece is like that crackhead brother-in-law who everyone does everything they can for, but he can't ever get himself off the pipe.

    November 4, 2011 at 1:17 pm | Reply
    • Seo

      and everyone glosses over who gave him all the crack.

      November 5, 2011 at 9:31 pm | Reply
  13. Roger E.

    It's not ironic that a country as small as Greece can produce so much turmoil, it is monumentally stupid and insane. Now I know we live in an interconnected and complex world, but really!! The world cannot allow one small countries problem to affect the rest of the 99.99% of the world. We cannot allow one job to be lost or one less mouth to be fed because or a screwed up financial system. A financial system that bears no reflection on what we can do and what we can achieve as human beings. If we let our economies collapse because of what is happening in Europe we will get what we deserve and it will be as a result of our own stupidity and ignorance.

    November 4, 2011 at 1:30 pm | Reply
    • NorCalMojo

      Isn't globalism fun?

      What could go wrong.

      November 4, 2011 at 2:11 pm | Reply
  14. www.twitter.com/hlmelsaid

    Complex solution contain unlikely reforms,the reassuring,bailouts.

    November 4, 2011 at 2:00 pm | Reply
  15. Mister Greek gay

    Greek men love men instead of woman and they love to play with Germany anals 🙂

    November 4, 2011 at 2:09 pm | Reply
  16. David D.

    The Eurozone should have a common pension program like Social Security, where you get a benefit relative to how much you put in. This would go a long way to stabilizing and managing the financial position of the different component countries. They should review the Helvering v. Davis Supreme Court opinion for some solid principles.

    November 4, 2011 at 2:13 pm | Reply
  17. Paul

    "If the German government has to “recapitalize the ECB” that sounds much better in German than saying “we’re going to bail out the Italians” – even though effectively it is the same thing." So Fahreed, are you saying the German people are dumb sheep and can't think? I think not. People are smarter than you surmise. Bankers all through history have gotten away with skimming wealth off the top and when it collapses, they say they are the only ones that can fix the system. Perhaps times have changed, we now have a very educated populace world wide and they are tired of bailing out bankers. Perhaps you recall the fiasco in 2008 when the anger boiled over into the TEA party? Perhaps you are seeing some anger now with the Occupy movement?

    November 4, 2011 at 2:16 pm | Reply
    • Chris

      No, Fareed is saying that how you package something when you present it to the public matters quite a bit with how they will accept it.

      November 5, 2011 at 5:41 pm | Reply
  18. PANURGE01

    Of course, solution to the European problem would be closing of UMass in Amherst, the beeding ground of European socialist radicals...

    November 4, 2011 at 2:33 pm | Reply
  19. Madhu Thangavelu

    ....Fareed, never did you mention "China to the rescue"....in this piece !...and I think they are grappling exponential growth amid all this ....

    Do you think it is the responsibility of one great civilization to rescue the foundations of another, on which western society is founded...or do they just sit around and watch as Greece and Italy implode ?

    Do you think it is time for some serious revision in the modern economic myth ? Shed new light on Marxism, perhaps ?
    Do you think the OWLS(I think OWS sounds silly) are on to something...wise ?

    I think we need some serious philosophical revisions on Capitalism and market economy as we hit global population of 7 billion...and speeding.....

    Reminded of Einstein's remark when asked about what he thought of the biggest threat facing humanity..."Exponential growth" was his answer.

    How to manage exponential growth might be something you will write about ?...perhaps time to interview Paul Ehrlich ?

    November 4, 2011 at 2:56 pm | Reply
  20. rightospeak

    You seem intelligent , Fareed , and you write such a complicated , off base , analysis. Let us start how Goldman Sachs raked money from cooking their books to join the E.U. A s a globalist , I am sure you know that DEBT is a tool to create a new European Man. The EU beaurocrats destroyed the Greek economy while at the same time gave Greece money for "modernization". Greece now has an UNSUSTAINABLE debt that crooked Greek politicians and banksters created and want Greece to commit suicide in the name of European unity. It is not going to happen , Fareed. Greece needs to default ASAP and start a new direction. A referendum would be a DEMOCRATIC way to go forward. It looks that the 1% in Greece with Sarkozy and Merkel are going to jam down Greek's throats further austerity. My prediction is : bloodshed in the streets and a change of government, default and exit from E. U. I wish it were not so, but people are stupid and it is likely to happen just like we have been in endless wars since 1945-another stupidity.

    November 4, 2011 at 3:24 pm | Reply
  21. Dumb American

    I say let the Euro fail. Driving down the value of the Euro will be better for the rest of us on the outside.

    November 4, 2011 at 3:31 pm | Reply
    • zeus_z

      thats so smart

      November 4, 2011 at 5:09 pm | Reply
    • Chris

      The E.U. and the Eurozone were always destined to fail. I have no idea how politicians convinced their countrymen to accept this idea.

      November 5, 2011 at 5:44 pm | Reply
      • Lala

        Moron.

        November 6, 2011 at 6:03 am |
  22. jja

    Germany has every right to do.....absolutely NOTHING about Greece. Think about it – someone comes to you with a hideous credit rating, they waste money, spend like a drunken sailor, have had severe economic problems in the past, little to no financial responsibility and they want you to bail them out??? Really?

    I say let them fail – why should hard working Germans be penalized – Greece, no doubt, will also want very favorable conditions and rates and oh yeah, by the way....they'll keep right on wildly spending the way they always have, because to them, the spending is not the problem.....heyyyyyyyy......that's sounds like America........

    November 4, 2011 at 3:37 pm | Reply
    • Michael

      The cost of doing nothing will be bank runs and emergency bank closures that will almost inevitably eventually domino to Germany and lead to the collapse of the Euro.

      The Germans should have thought of this before they agreed to share a currency and a central bank with the Greeks.

      November 4, 2011 at 4:24 pm | Reply
    • Peter

      You are utterly cluless...You need to read history and current European politics. THE ECB caused the crisis.

      November 4, 2011 at 6:22 pm | Reply
    • Drew

      Poor German taxpayers don't the idea of having to be saddled with Greek debt...I'm sure the Greeks didn't like the idea of being invaded in WW2...I'm sure the 400,000 Athenians who starved to death the first Winter of the the German occupation didn't much like the idea of dying either...tisk, tisk....

      November 5, 2011 at 7:54 am | Reply
      • Lala

        Blablabla, keep on yapping, Stavros.

        November 6, 2011 at 6:04 am |
  23. bob

    WHY WOULD OR SHOULD THEY, SELL THE LAZY A** GREEKS TO CHINA THEY WILL GET THEM TO WORK.

    November 4, 2011 at 4:07 pm | Reply
    • cas

      Amazing ignorance – actually the Chinese are doing partnerships in Greece – they are investing in Greece's ports like Pireaus which would give them great advantage in so many ways – so the Chinese are coming to Greece – and the Americans who depend on Navy Bases like the one they have in Crete-
      Time to look at a map of the area to see the importance of Greece.

      November 4, 2011 at 4:39 pm | Reply
  24. cas

    Fareed says "The truth is: Greece has defaulted before. There’s a book out that says that since it’s independence in the 1830s, Greece has been in default for 50% of its national existence. The difference is that now the Germans are willing to bail the Greeks out. That’s what’s new." However -lets look deeper into History – and to a much closer event then 1830 – Respectfully why Fareed – you do not mention the 476 million reichsmarks taken out of the Greek National Bank during the Nazi's brutal occupation of Greece during WW11 – in which 300,000 Greeks died of starvation as all the food produced in Greece was sent to feed the German army or how the economy was destroyed and many people killed. After the war the settlement provided Greece was very small in relationship to all the suffering imposed as the allied forces did not want to repeat the brutal financial sacrifices demanded of the German People which were the seeds for Hitler – who was obsessed by Greece.

    Perhaps if the German Government returned that money with interest, a long way to solving the problem would be done.

    And to all the people commenting her that the Greek people do not work – your ignorance is amazing.

    November 4, 2011 at 4:28 pm | Reply
    • Lala

      Your own ignorance, intolerance and blatant racism is even more baffling. Unlike you southeners, we in Northern Europe don't hold on to grudges for hundreds of years. Get out of the EU (and Europe) now, you Turks.

      November 6, 2011 at 6:06 am | Reply
  25. Sen

    Greece is the pawn that Germany sacrifices to save its knight and bishop, namely Spain and Italy.

    November 4, 2011 at 4:37 pm | Reply
  26. hankdatank

    I don't see any news about the failing economy of Italy...second country in a row... Spain is the next one then Ireland then Hungary....the world economy is just a card castle right now waiting for the breeze that will blow these pieces out... love how economists talked about the housing market and bank balloons but they forgot to mention those are just balloons in the overall economy balloon...

    November 4, 2011 at 4:54 pm | Reply
  27. bill

    Since Greece is only 2% of the E.U how come all the noise, seems to me they fear Italy and Spain's default and using Greece as a scare tactic. The other troubling matter is no industrial European nation transferred any manufacturing production lines to Greece. They like to lend money so their products are bought and that's about it. This story is just like ours. China lends us money to buy their cheap products which in turn destroyed our middle glass. Now we are debt up to out ears and in orders to reduce the deficit the middle class and poor have to foot the bill. Interesting events.

    November 4, 2011 at 4:54 pm | Reply
  28. GreekAmerican

    Zakaria is an IDIOT and a HYPOCRIT. He is Indian I suspect, and he is bashing HELLAS (Greece), but does not understand how Hellas got into such debt. Was it because of ONLY political corruption or is Greece constantly being forced to buy Billions in Defense to guard against a constant threat of Barbaric Turkish Invasion – like occured in Cyprus? Also India is one of the worst countries in the world. With High POVERTY, HUNGER, HIGH unemployment, HUGE ghettos and GROTESQUE civil rights violations !!!!!!!!!!! Maybe Zakaria should write about India or from whatever POOR country he is from. I bet that would be interesting to read, than to hear this FOOL bashing a small tiny country responsible for giving the world Democracy, Art, Poetry, Government, Drama, Theater, Sculpture, Medicine, Military Tactic/War and Strategic tecniques, Law, Culture and many more !!!!!!!!!!!!!

    November 4, 2011 at 5:16 pm | Reply
    • Greek Canadian

      Greece will survive! Zito h Ellas!
      Greece has seen worse than this. All the non greek jealous people want to take Greece away from the Greeks; that was the plan in WWII and it is the plan now. The Greeks will prevail.

      November 4, 2011 at 5:57 pm | Reply
  29. ziegfeldf

    "The book" is This Time is Different: Eight Centuries of Financial Folly, by Carmen M. Reinhart and Kenneth S. Rogoff. It's not easy reading, but gives you that sick, hollow feeling: this isn't going to turn out well.

    Scary, unbelievably scary.

    November 4, 2011 at 5:30 pm | Reply
  30. GreekAmerican

    Zakaria, Opinions are like ass@#$%s, every one has one. You are a STUPID FOOL that is PAID to BASH Greece and GREEKS. It is obvious that you are Anti-Hellenic. But it does NOT matter. We have been around for 5,000+ years and will continue to exist no matter how many STUPID foolish political-commenator wannabees will bash us. Just REMEMBER that. NAZI Germany owes Greece BILLIONS !!!!!!!!!!!!!!!!!! And the Allied powers owe Greece for fighting the Nazis in WWII –UNLIKE the French !!!!!!!!! If Greeks did not slow down the Nazis in battle – then they would have taken the Russians before winter – Did you forget that? In the winter many Nazis perished and froze during the cold Russian winter. This was catastrophic for the Nazis. VERY FEW people know or remember this. Many american and European IDIOTS have a BIG mouth, but a small pigeon sized brain !!!!!!!!!!!!

    November 4, 2011 at 5:31 pm | Reply
    • GreekGreek

      Dear fellow GreekAmerican (if you are a real Greekamerican and not a "macedonian" or turk...)

      I am a Greek Greek, living in Greece and I'm in deep economic sh.t but I'm not cursing or calling names to anybody. You are RUDE. Behave yourself.

      I don't agree with some parts of this analysis by Zakaria but generally his opinions are well worked out and GPS is a good show. I always watch him.

      November 4, 2011 at 6:02 pm | Reply
    • Chris

      I don't see it as Zakaria bashing Greece. It's a pretty even-looking analysis of the CURRENT situation and why Germany can't and won't just ride to Greece's rescue.

      Yes, he's Indian-born and also an extremely intelligent man with a PhD. You may disagree with his opinions (I often do), but they're well though-out and he explains them well. In no way is he stupid.

      November 5, 2011 at 5:56 pm | Reply
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