Monday 23 October 2017

David Blair: It’s a poker game, and Angela Merkel will win

The German Chancellor, Angela Merkel, does not want to be the leader who presides over the fracturing of the euro
The German Chancellor, Angela Merkel, does not want to be the leader who presides over the fracturing of the euro

David Blair

WITH 60 per cent of Germans believing Greece should leave the euro, the Chancellor will not be swayed from her dogmatic attachment to budgetary rigour.

To grasp how Germans feel about being the focus of expectation in the maelstrom of the euro crisis, Der Spiegel’s bestseller list might serve as a guide. A polemic entitled Europe Doesn’t Need the Euro holds the number one slot, written by Thilo Sarrazin, a former board member of the Bundesbank.

Nostalgia for the era when Germany had a sound national currency, immune from the feckless profligacy of other countries and issued by the mightiest central bank in Europe, was once a suppressed emotion. Today, by contrast, this sentiment is widespread.

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