Alte Nationalgalerie

I visit the Old National Gallery on Berlin's "Museum Island" and see this beautiful fresco.

I am in the German capital for an investor AGM including a boat ride up the river Spree to the Federal Chancellery where I meet the Minister of State, Eckart von Klaeden. Interesting moment, to, given Greece - fair to say the Germans think the Greeks a bunch of lazy welfare whores. And so they are but then again : GD benefits hugely from the Eurozone and its low interest rates+stable currency as the world's 2nd largest exporter after China and before the US of A. One guy tells Eckert : "they don't deserve our money." Dude doesn't realise this not the issue.

If we fail the Greeks , Europe risks a run on Spain, Italy and Ireland so the collapse of the Euro and disintegration of the union followed by a global recession. And the US? Like AIG, US banks own credit-default swaps, or insurance to owners of Greek sovereign debt, which could create trillions of immediate liabilities. The Greeks will never repay their obligations BTW so the proposed €110 B loan package a stall so the bankers can get their house of cards in order. Greece, which is less than 2% of the European economy, has strong negotiating poker hand.

Madeleine: "What would you prefer? That I have a lizard or a bunny?"

Me: "We are not getting a lizard."