Germans are calling the shots, so pray we’re still in their good books

WE’RE finding out just what Germany thinks of Greece and lest you think that such foreign stuff is of little interest to us, it is hugely relevant in so many very important ways, most especially to our standard of living.

Germany’s actions in relation to Greece may save or break the euro – the currency in which we trade and in which we hold hundreds of billions of debt. The likelihood is that, despite German reluctance and anger about the cost of bailing out the indigent Greeks, some deal will be agreed to stop Greece being ejected from the euro. We should hope so because the consequences of that are potentially calamitous to Ireland – and a successful outcome is not guaranteed.

What’s happening to countries like Greece on sovereign borrowing markets at present is the equivalent of what happened to banks like Lehman Brothers in September 2008. The consequences of a possible euro collapse are even worse.