Germany and the euro: Right target, wrong shots

Posted: April 12, 2013 in economy
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Freedom fighter

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Germany and the euro


Southern Europeans are attacking Germany’s policies, but mostly for the wrong reasons

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GERMANS seem beleaguered these days. Not only is their country the dominant actor in the euro crisis, but it is also being attacked for foisting on southern Europeans reforms and spending cuts that are prolonging recession and forcing unemployment unbearably high. All this is accompanied by none-too-subtle talk of the second world war and cartoons of Angela Merkel wearing a moustache.
Germans find this monstrously unfair. They have accepted a string of costly bail-outs in the past three years even though they were promised that the euro would never make them liable for other countries’ follies. The Cypriot bail-out showed that German patience with letting private creditors off the hook is exhausted. The attacks are having a political impact—witness the creation of a new anti-euro …

via Economic Crisis


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