I will survive

I Will Delay (from Angela Merkel: The Disco Years)

First I was angstvoll, I was petrified
Greece looking like defaulting, Ireland on the slide
I spent oh so many years with the euro much too strong
Now it’s not even clear, which countries should belong
And so we’re back
At the Council
With Nicolas, and Enda, and Silvio as well
We should have tightened up the rulebook
For the single currency
If we’d known for just one second
We’d fund this facility
Go on now go, down to Brussels
We’ll fly over and talk some more, while the market sells
They want a big bazooka, a comprehensive fix,
An ECB-backed bailout fund, but we’ll give them nix.

It’s all okay! We can delay!
We’ll have a weekend summit
And another one Wednesday
There’s a G-20 coming up

For the Greeks it’s just tough luck
Let’s just delay
Til someone pays…
And then cross-border banks started to fall apart
Talk of haircuts and big writedowns nearly broke my heart
I spent oh so many nights in the Justus Lipsius
Talking late
Til we said ‘just make them wait!’
You see these bonds
They’re something new,
Fudge them with the ESM, it might just get us through
Markets in a tailspin, spreads about to burst
I wish we’d kept our promise from July the twenty-first
Call the BRICs and Jean-Claude Trichet, hope that we can cheat our fate
And maybe in the meantime let’s just name another date?
Come on again, down to Brussels
We’ll work on technicalities while the true Finns yell,
Markets may be seized up, there’s no liquidity,
But we’ll create distraction by chastising Italy,

It’s all okay! We can delay!
We’ll have a weekend summit
And another one Wednesday
There’s a G-20 coming up

For the Greeks it’s just tough luck
Let’s just delay
Til someone pays…


Angela Merkel, debt crisis, disco

http://blogs.wsj.com/brussels/2011/10/24/i-will-survive-the-debt-crisis/?mod=WSJBlog&mod=brussels