To imagine the full scale of Mrs Merkel's disaster, think of it as a bit like that moment in 2008 when Britain suddenly had to find £46 billion of public money to bail out the banks, overnight storing up years of spending cuts, tax rises and general misery for everyone else. Then multiply the amount of money potentially required, and the amount of pain which could be inflicted, by three.
in the fact that the people the German government has had to rescue aren't even Germans, but Greeks. Add that the deal was done only after the repeated prodding by Mrs Merkel's great European rival, French President Nicolas Sarkozy, who reportedly threatened to pull out of the euro. Then there was the problem that as all this was unfolding, Mrs Merkel had to face a vital election.
Read more...
No comments:
Post a Comment
Thanks for your comment it is much appreciated.