Ordinary Germans balk at second euro bailout

[Joanne98]

"The Celtic tiger is gasping for breath," declared a commentary this week in the German daily Die Süddeutsche, which highlighted the fear of many in Europe's largest economy that it will be the one that will have to provide the emergency oxygen.

That Germany will have to step in is now not in much doubt, despite denials from Ireland that it needs the help. The question being asked is precisely how much of the burden Germany would be expected to bear.

German taxpayers are still smarting from the multibillion-euro Greek bailout in May, which led to ugly headlines in the mass-market Bild about excessively profligate Greeks and how frustrated Germans were cancelling their holidays to Crete in protest at having to pay for their fellow Europeans' unchecked excesses.

"The poor Germans are going to have to feed the rich debtors," wrote Die Welt, in an analysis whose acerbic undertones were only thinly disguised.

Anger is also being stoked by the growing protests from Irish and Greek leaders that Chancellor Angela Merkel has spooked the bond markets and caused a huge rise in the borrowing costs of Ireland and Portugal with her repeated suggestions that the markets and banks that financed high national debts should be forced to carry the cost of eventual defaults – not the taxpayer.

http://www.guardian.co.uk/business/2010/nov/16/germany-balks-at-ireland-bailout

[DonCoquixote]

1. Translation

The eu has always been a fight between three dominant partners: London, Paris, and Berlin. All of them love the EU when they think it will protect them against the US or the Russians, none of them love it when thjey actualy have to abide by it. If you do not believe me, look up the Maastrict treaty.