Germans find billions, Greeks seek them

After correcting a massive accounting mistake, the nationalised German bank Hypo Real Estate is now worth 55 billion euros more than it was previously valued at, lowering Germany's public debt by 2.6 percent. That highlights the difference between Germany and Greece, writes the business paper Les Echos: "It is written in the Bible (after all, it's All Saints' Day): 'The first will be the last.' Here however the first remain the first. When Greece falsifies its accounts of course it's to hide the fact that everything is going wrong. But when Germany makes a mistake naturally it's in its favour. ... Germany is more than ever the anti-Greece. On paper, Germany's accounting mistake should and could compensate for that of the Greeks. But as we do not share our debts on this continent, that's not how things work. ... As today is a holiday there's no harm in a little joke: in the countries of Northern Europe people are serious and drink beer. In the countries of Southern Europe people are less serious and drink wine. We all know where France stands."

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Who's saying what » Greece in dire straits, » Ways out of the debt crisis

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