I think the thoughts of Mr Emgdahl are basically correct. I would say that what has just happenned with Greece is nothing but that "bit over the EU head" that came from Washington as a response to (non)declared intentions of major EU powers (Germany, before all) to make a distance from the sick dollar zone and to turn more to the East (China, Russia, India...). The "Greece blow" is actually aimed to weaken Germany's position: If it gives billions to Greece to cover depth it will lose its potential, but if Germany does not do so the essence of the EU concept will appear damaged. Given the ongoing dispute between Germany and Greece it turns out that the whole mess is a brilliant strategic move that came from Wall Street.

Engahl forgets that the Eurozone has 20% of voting rights and quotas in the I.M.F. while the U.S. has 17%....so if Eurozone nations pay so much money every year to the I.M.F. bieng the President of IMF (Strauss-Kahn) a former Eurozone minister, then it is not a bad idea to get back part of those $billions we have payed instead of investing the money in a Third World nation. If we add the E.U. Cohesion and Structural Funds, it is evident a huge quantity of money will go to Greece, and on exchange Greece has to learn to manage better its budgets. Less corruption and better management is something their Greek-American President (Papandreu) should learn to do. The sooner, the better. During the last decade Greece received $billions and management from the Greek Government made a lot of mistakes without creating the value added their nation needed. It was an act of treason from Greek politicians against their electorate. They should be ashamed for the way they spent $billions in Structural and Cohesion Funds. Now they will have a last opportunity.