As I read the press, something strange emerges about the European situation.
We have a bunch of totally unproductive countries. Countries that cheated about their financial status in order to borrow at German interest rates. Countries totally unproductive with huge current account deficits.
Yet, Germany - the only country with some sense of fiscal discipline - is been painted as the "bad guy" because it resists giving money to countries that have proven to be real losers.
What's wrong with this picture?
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