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Germany’s Euro strategy: a total disaster to replace utter annihilation

March 6, 2012

I’ve been amazed at how many people have been completely obliterating the approach Germany has been taking on the Euro crisis.

I’m not going to flatter myself and say I understand all the intricate ins-and-outs of trying to save the common currency, but it has always seemed to me- from a layman’s perspective- that Germany has broadly done the right thing.

They provided liquidity to keep the Euro ship afloat all while insisting on structural reforms that will help ensure the long-term viability of the Eurozone. Was the approach messy? Yes. But so was the problem.

Anyway, it seems others may be agreeing as well:

So let us return to our original question: Is the German debt crisis strategy working? Yes, in terms of bringing Europe back from a near-death experience. No, in terms of actually solving the debt crisis. The question now is: Will Germany’s efforts continue to bolster confidence even as the underlying problems persist? I wouldn’t count on that.

Yes, there needs a long term solution, but you wouldn’t have gotten a chance to contemplate one if there wasn’t a short-term fix.
So true, a total disaster was arranged to replace utter annihilation. And there is still a lot of work to be done, but all things considered, a total disaster was probably the best that could have been hoped for

 

Angela Merkel: Is Germany’s Euro Crisis Strategy Actually Working? | Business | TIME.com.

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