Yes yes, I know it's a rather over dramatic interpretation of reported opinion but it does crystallise the ideas contained in this article which I have linked to in another thread, here is the nub of the matter -
It would be more sensible -- and fairer -- for the crisis-ridden countries to exercise their own power to reduce their debts, namely by reaching for the assets of their citizens more than they have so far. As the most recent ECB study shows, there is certainly enough money available to do this.
The assumption throughout the article is that houses are liquid assets, a deeply flawed hypothesis as I am sure we can all agree. They are, after all homes, not just investments, and the relationship between homeowners and their houses does not always conform to the tidy little logic of unimaginative economists, and quite right to, it's time we abandoned the idea of a house as merely a financial asset, look at the trouble we have brought upon ourselves by doing just that!
Will the property tax become nothing more than an asset grab from the supposedly wealthy? The Germans might see this as a fair deal because over half of them live in rented accommodation, but that hardly accords with the situation in Ireland (as if that has any bearing on the matter) so will we be forced into the 'poverty' of rented property to keep our friends upon the continent happy?
We have been warned!
Poor Germany: It Is Time for a Debate on Euro Crisis Burden Sharing - SPIEGEL ONLINE