Meanwhile Merkel is resorting to illusionist politics, berating Germany's trading partners for excessive Government deficits and debt (but not imports) downstage center in order to distract German taxpayer from the need to absorb the banking losses in the upstage corners.
And this time they can't call it the "soli tax".
Testing the Limits of Divergence
The gold standard all over again
But German exports to the Eurozone are finally falling
Ferrostaal pays penalty on corruption sale of submarines to Greece and the trial on the sale to Portugal continues in Munich court