Der Spiegel Online published an article following Mr Schäuble's (German minister of finances) visit to Athens this week. With latest estimates for a debt/GDP ratio back on the way to 180% (jeee those 3(!) rescue packages really helped didn't they - see graphs based on Eurostat data up to 2012 and presented without further comments), they claim that the only way out is a haircut on the debt. True (if you delete leaving the €zone as the other option, which would de facto come down to the same thing as Greece would immediately default on its debt). But Der Spiegel immediately touches the sore spot because such a haircut would be felt by governments (and thus citizens) outside of Greece. Der Spiegel agrees with my analysis of last week (see New democracy) on why we won't see a haircut this Summer: "At this point, the worst cannot be prevented -- it can only be delayed by repeatedly providing Greece with new loans and leading the people to believe that the sums given will someday be paid back. If need be, they can also just extend the period on the loans to future generations of politicians. That's precisely the approach being taken by Schäuble and Chancellor Angela Merkel. Federal elections in Germany take place on Monday, Sept. 22 -- and neither wants to negotiate under any circumstance any haircut or possible liabilities for Germany before that time." That's exactly what I said in my blog last week .I was in my hammock reading a book (more about the book next week) when I heard something heavy approaching at a low altitude. I knew it was heavy and low because of the noise. It was not this modern high squealing sound of turbines, no it was a deep back-of-the-throat growling. You could almost hear every piston going through its cycle. That kind of noise. Okay so I exaggerate a bit, you couldn't hear every single piston of course but you get the picture. As the airplane approached, I could hear not one, not two but three engines! Some moments later a Junkers Ju52/3m flew directly overhead my house at about 1500 ft AGL, the separation of the trailing edge and the flaps/ailerons clearly visible against the sky. O what a lovely sight! There are few planes that are as recognisable as the Ju52/3m with its three engines, the gulf-plated like skin and its sharp-edged silhouette. I couldn't distinguish the livery nor the registration but the sheer sight of it made me put my book at the side and take another one I have in my library since years (published in 1991):
The Ju52/3m has a interesting history and almost single-handedly established the European Luft Hansa network in the thirties. For those who are wondering about the '3m', of course it refers to it having 3 engines but why specify it in the name? Well because the type started off as a single-engined Ju52/1m! As it was underpowered and after the construction of seven prototypes, they switched to the three engine configuration. A list of still airworthy Auntie Ju's can be found here: http://en.wikipedia.org/wiki/List_of_airworthy_Ju_52s
Next Sunday on Belgium's National Day (July 21) our King (Albert II) abdicates and his son (Filip or should I say Philippe...) takes over his reign. So as of Sunday we will have 2 Kings (Filip/Philippe and his father Albert II who keeps his title) and 3 Queens (Mathilde - wife of Filip/Philippe, Paola - wife of Albert II, and Fabiola - wife of the late King Boudewijn). A full house of Queens and Kings! Not bad for a little country of 10,5 million inhabitants, of which many don't support our royalty at all. The old King (Albert II) will get a pension of 923000,- €/year and 10 servants. No I'm not making this up, that's what our government decided. Their justification: he will continue to receive a letter once in a while that needs answering and when you are used to a certain lifestyle it is hard to do with less when you retire. I take the point my dear government and will use it against you if ever I am unemployed or if ever I reach my retirement age.
If you are surprised about our full house, let me remind you that it is not so strange for Belgium to multiply its institutional bodies.
We have:
- 6 governments: federal, Flemish, Walloon, Brussels, French Community and German Community totaling 46 ministers and 9 secretaries of state.
- 6 parliaments: (same split as above) totaling 559 parliamentarians and 74 senators.
As a comparison, in the Netherlands (population > 16 million) they have 225 parliamentarians and 20 ministers and secretaries of state...
The song that has to go with it, is from La muette de Portici by Daniel Auber. The opera was very popular in the 19th century and renowned to this day because it sort of started the Belgian revolution in 1830. The opera was playing in the Brussels opera house on August 25 1830 and one aria (Amour sacré de la Patrie) moved the audience so much that anti-Holland riots broke out (Belgium was then part of Holland). A couple of months later, Belgium declared its independence. The opera was played in honour of the birthday of the Holland King Willem I ...
Maybe it is time for another revolution? In any case let's listen to 'Amour sacré de la Patrie' and see what happens: https://www.youtube.com/watch?v=W1FiMPAPo8c
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