Friday 19 January 2018

Thomas Molloy: A flagging Germany could be our worst nightmare

IT is a sign of just how bad things are in Europe these days that one country's misfortune can be viewed as another's opportunity.

Earlier this week, Enda Kenny openly salivated at the prospect of a Spanish bailout and the possibility it would help his half-hearted and faltering crusade to change the terms of Ireland's promissory notes.

Last night, there were probably quite a few governments inside the eurozone silently drawing comfort from the news that the ratings agency Moody's has cut the credit ratings of six German banking groups as well as Austria's three largest banks. The governments will be hoping that Moody's comments remind Chancellor Angela Merkel of the truth that Germany is not an island that can remain unharmed by the euro crisis indefinitely.

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