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Die Presse - Austria | Tuesday, September 29, 2015

Scandals and scams made in Germany

The VW affair and similar scandals involving big German companies do considerable damage to the country's economy, the liberal-conservative daily Die Presse complains: "Deutsche Bank, the country's monetary flagship which has been involved in practically every financial swindle on the globe, a Deutsche Post chairman who was given a suspended prison sentence for tax evasion, a carmaker - the country's carmaker - exposed as having cheated millions of people. … What is wrong with 'Corporate Germany'? With these companies that stand for reliability and quality all over the world. Or rather have stood for those things up to now. … If that image is carelessly destroyed, the Eurozone's foremost industrial location will be in trouble. And that could have nasty consequences. According to the German weekly Die Zeit, the VW debacle alone will cost up to four billion euros in tax revenues. So Mr Schäuble will lose half of his budget surplus because VW has to build up reserve funds."

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