The Consequences of Angela Merkel
Germany has been leading the opposition in the EU to any write-down of troubled eurozone members’ sovereign debt. But German Chancellor Angela Merkel should consider that, following World War I, her country was in a similar position – and the result for Germany, Europe, and the world was hardly optimal.
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LONDON – Germany has been leading the opposition in the European Union to any write-down of troubled eurozone members’ sovereign debt. Instead, it has agreed to establish bailout mechanisms such as the European Financial Stability Facility and the European Financial Stabilization Mechanism, which can lend up to €500 billion ($680 billion) combined, with the International Monetary Fund providing an additional €250 billion.