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Die Welt - Germany | Monday, May 9, 2011

Debt crisis will cost EU taxpayers billions

The debt crisis in Greece and Portugal will cost Europe's taxpayers a pretty penny and could lead to the collapse of the Euro system, the conservative daily Die Welt writes: "It's no surprise that no responsible politician is willing to risk something like that. But things don't have to stay that way. If the Greeks and Portuguese don't get a grip on their problems with the EU's help, few other options are left open. Either the Europeans in the North finance the poor countries in the South with tax billions for fear their own prosperity may dwindle, or movements like the 'True Finns' will lead the EU to turn off the money tap and these states will have to leave the EU. Both alternatives will cost Europe's taxpayers billions. Europe's policy-makers will need patience and wisdom to weather this crisis."

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