Yanis Varoufakis

Mrs Merkel went to Brussels intent on striking two birds with one stone, pick up her bag immediately and return to Berlin with no further ado. The stone was the fraudulent re-packaging of existing structural and EIB funds (with the addition of a paltry 10 billion euros) into a grandiose-sounding ‘Growth Pact’. The two birds were, respectively, the SPD opposition back home (which had set as its condition for supporting the ratification of the ESM some ‘movement’ on growth) and Mr Hollande (who also needed some semblance of a Growth Pact to sell it to his voters as sugar coat with which to swallow the bitter pill of the Fiscal Pact).

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