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Frankfurter Rundschau - Germany | Friday, June 15, 2012

Merkel risks collapse of the Monetary Union

In her government statement on the G20 summit on Monday and Tuesday in Mexico, German Chancellor Angela Merkel warned against overburdening Germany in the crisis. But nothing would strain the country more than the collapse of the Monetary Union, writes the left-liberal daily Frankfurter Rundschau: "When trust in the European financial system is destroyed, the monetary cycle collapses, banks and insurance companies have to write off their foreign debts and German industry takes a nosedive - all because the new currency would appreciate massively after the end of the euro - then at the very latest it will be clear how narrow-mindedly Merkel acted when the evil could still have been averted. … She refuses to fork out more German tax money for Europe. That is certain to boost her popularity ratings at home and gain her the support of her coalition's parliamentary groups. … Of course it's unfortunate that the customers of Berlin's Sparkasse and the taxpayers in Bochum have to pay for Spanish bank accounts and Italian deficits. But the alternative of letting the euro run aground would be much more costly."

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