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Steitzner, Holger


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Frankfurter Allgemeine Zeitung - Germany | 10/06/2009

German government shows strong nerves

The Frankfurter Allgemeine Zeitung comments on the insolvency of the German holding company Arcandor, owner of the Karstadt department store chain: "This time around the government has shown strong nerves. It has not let itself be blackmailed by the company's top management, who used the fate of thousands of workers to mobilise protest in favour of a state loan. Its former managers and major shareholders are responsible for the demise of Karstadt and Quelle. They just didn't see the writing on the wall. A state loan would have helped the obsolete business model just a bit longer, but it couldn't have stopped structural change in the direction of large shopping centres and online dealerships. That the government in this case did not comply with the impulse to rescue jobs may have to do with the battering suffered by the SPD in the European elections, a party already afflicted with compassion fatigue. Whatever the reasons, using taxpayer's money in a responsible way, in this case rightly rejecting state guarantees or loans, is highly commendable."

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