Is German Chancellor Angela Merkel waging a new type of conquest war? The question arises from the declarations made by several members of her government coalition.

It is widely known that Germany has exploited the rules of the European Union to its own advantage, in order to increase its exports within the Euro zone to the detriment of its smaller partners, chiefly Greece and Portugal. This aggressive attitude, compounded by administrative hardships, have already driven Greece to bankruptcy.

MP Frank Schäffler (FDP party) proposed that in exchange for Germany’s role in helping Greece to stay within the EU and in cleaning up its accounts, Athens should surrender to Berlin some of its uninhabited islands.

As for MP Marco Wanderwity (CDU), he considers that Athens should pay for all the aid given by Germany, be it direct or indirect via the European Union. He further suggested that the islands could be accepted as payment.

Bild am Sonntag, a large circulation weekly, came up with the idea of bartering "our money against Corfu".

Germany has already recovered its influence in the Balkans by actively participating in the wars that dismantled Yugoslavia.

In the event that Greece will be constrained to cede some of its islands, it remains to be seen whether the barter is compatible with international law and the European treaties. In other words, does a financial war foresee the possibility of a legal territorial conquest?