The punishing austerity Germany demanded for rescuing the eurozone is creating a vicious cycle in which no one winsAngela Merkels summer could hardly have started better: the world cup win; the eurozone crisis contained; Germanys federal budget heading into surplus; her personal popularity at unassailable highs.Six weeks later, as Europe returns from its holiday break, the scene is dramatically changed. Berlin is locked in a cold war with Washington over Americas spying; the transatlantic trade talks, on which the best hope for a revived US-Europe partnership depend, are in trouble; the Ukraine crisis boils on; and at home the Social …read more
Source: The Guardian
