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Sme - Slovakia | Thursday, March 21, 2013

German savers may take revenge against Merkel

With the demand that savers participate in the bailout of the Cypriot banks German Chancellor Angela Merkel was involved in breaking a taboo and may pay a high price for it in Germany, writes the liberal daily Sme: "When Merkel and her Finance Minister Steinbrück told the Germans in the midst of the crisis in 2008 that their savings were safe she won their trust. It wasn't a legal guarantee, but a political one. … In Cyprus's case a taboo has been broken, even if doesn't affect the German savers. The Germans prompted the demand for small savers to also pay up. Even if this was supposed to be an exception, the trust is gone. Little Cyprus could turn out to be a bigger problem for the Chancellor than Greece, Italy or Spain in this election year. One in four Germans can imagine voting for a party that wants Germany to leave the Eurozone."

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