"Germany is expecting southern Europe to reform at a time of austerity, but when Germany undertook its reforms in 2003 it broke the euro's budget-deficit roles. And Germany's recent success owes a lot to the cheapness of the euro, which has allowed its exports to boom. What is more, many of the loans that enabled the southern Europeans to spend extravagantly were made by German banks, which are among the main beneficiaries of German-financed bail-outs"
(The Economist, 15/6/2013)
(The Economist, 15/6/2013)
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