Showing posts with label euro. Show all posts
Showing posts with label euro. Show all posts

Thursday, March 28, 2013

How to Butcher a Metaphor: The Cypriot Bail-In


So, let's get one thing straight. Cyprus is neither a bail-out, nor is it a bail-in. Either metaphor fails, and the tortured extension of the metaphor to 'bail-in' illustrates the poor grasp of language by a) the people who came up with it and b) the people (mostly journalists) who gaily leapt on it.

The first deployment of the metaphor was in relation to the 'bail-out' of Greece, then Ireland and others. The metaphor was OK - like a boat in trouble, taking on water, the troika were providing assistance in relieving the problem. In cash terms however it was a reversal - the cash was coming in to the country, while the water would have been hurled out of the boat. Nevertheless, the assistance (in terms of muscle for the bailing, so to speak) was inbound, so the metaphor was sustainable.


Tuesday, June 26, 2012

Eurocrisis: Sovereignty, Federalism, and Choices


Funny, nein?
The current travails of Europe are not new.  A group of countries bound by proximity yet separated by terrain, for thousands of years the continent has been dominated by war, conquest and turmoil.  Today, we see her once more tearing herself apart as the unequal distribution of resources sets itself against capitalist economics and nominative socialist leadership.  While the things that bind us together – the Monnet and Schuman version of a shared heritage, the fledgling institutions of the European Union, and an increasingly pervasive English language – remain, the smaller things that separate us become exacerbated.  Even the recently held European Football Championships, or before that the Eurovision Song Contest, tend to reinforce the more serious political and economic rivalries within the Union.  Greece versus Germany was billed everywhere as David versus Goliath, Coloniser versus colonized, Merkel versus whoever the current Prime Minister of Greece was.  Some Irish fans hoisted an Irish tricolour with the words “Angela Merkel Thinks We’re At Work” emblazoned across it, an image that made the front cover of Bild and other news media around the world – the distinction was clear, Merkel and Germany was “them”, and Ireland was “us”, there was no such thing as a European.