As Greece moves towards default, as France, Italy and Spain suffer credit downgrades, and as negotiations over last month’s fiscal treaty reach deadlock, the euro is heading for the rocks and the driving force is becoming clear. The real cause of the euro disaster is not France, Italy or Greece. It is Germany.
The fundamental problem lies not in the efficiency of the German economy, although that has contributed to the divergence in economic fortunes, but in the behaviour of German politicians and central bankers.
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This entry was posted on 28/01/2012 at 00:26 and is filed under Crisis, current events, Democracy, Economics, Economy, Financial crisis, News, politics, Society with tags Banks, credit-rating agencies, downgrade, ecb, Europe, Fiscal treaty, Fitch, Germany, merkel, PIGS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.