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| Europe |
| Myth of German economic discipline |
| 2011-11-22 |
| h/t Gates of Vienna ...In its latest 2011 forecast for Germany, the European Commission estimates a debt ratio of 81.7 percent of gross domestic product. That’s significantly more than the 60 percent the European stability pact sets out as the debt ceiling – that pact that the federal government regularly uses to beat the southern European countries about the ears with, and that it wants to swing even harder. A country that wants to bring in other tough rules would do well to stick to them itself first. Luxembourg Prime Minister Jean-Claude Juncker is therefore right to get worked up about German domineering. Spain, for example, with a debt ratio of 69.6 percent, is considerably closer to complying with the Stability Pact than Germany is. Even the Dutch (64.2 percent) and the Finns (49.1 percent) have more right to put themselves forward as European disciplinarian than the Germans do. |
| Posted by:g(r)omgoru |
| #5 See also CHINA DAILY FORUM > [Der Spiegel] GERMANY TOO IS BANKRUPT - THIS IS THE END. This is the end, the end, my Deutchy/German friend. Fear not, I say, the Russians will save you, the Russians will save you! versus * SAME > HUNGARY ASKS IMF, EU FOR FINANCIAL ASISTANCE. The Huns will save you, the Huns will save you! Clearly it can't be Nadia because she's from Romania. |
| Posted by: JosephMendiola 2011-11-22 23:31 |
| #4 Germany's response. |
| Posted by: newc 2011-11-22 10:15 |
| #3 Actually Spain has a lower debt ratio. |
| Posted by: Water Modem 2011-11-22 09:09 |
| #2 In the class of 'what if', we'll have to wonder about what the German economy would be without the American bailout via TARP of German and other European banks. |
| Posted by: Procopius2k 2011-11-22 08:40 |
| #1 German economic growth is just an artefact of booking lending to others to buy their products as an 100% asset (which it won't be). |
| Posted by: Bright Pebbles 2011-11-22 07:18 |