It could just turn out to be the case that this Sunday marked a pivotal point in the growing danger of an eventual dissolution of the common currency. Certain voters in certain countries have indicated that they are less than amenable to accepting what they see as the terms of a new, this time, German “diktat” on matters economic, and they have sent a clear signal to Berlin as to where they stand.
We do not hold out hope for the reaction of the financial markets to be very positive about such body language, to say the least. The rise of the “marshmallow man” and the ouster of the “president of bling-bling” could have ramifications which have not yet been pondered. One such potential fallout involves bankers and the wealthy in France.
However, France was not the only place where euro-unfriendly news issued forth from. Greek voters flexed their own political muscles over the weekend and the result was a categorical rejection of austerity measures and an overwhelming approval of anti-bailout ones. The bottom line is that in the wake of the financial crisis that shook the continent, the continent appears to have taken a turn into a direction that is undeniably classifiable as “the left.”
The barricades have been erected. All that remains to be seen is whether the equivalents of Messrs. Robespierre and/or Karaiskakis in the incarnation of Messrs. Hollande and/or Tsipras will make a name for themselves in these modern-day upheavals.