Over the past 5 years the German economy has soared as the Euro has become weaker and weaker on the international currency stage. Not all that many years ago the the DAX was at about the same level as Londons FTSE, which has remained stuck at under 7,000 whist the DAX has gone ahead in leaps and bounds until it stood at over 12,000 before its recent retreat, as Germans became worried that Greece may exit the Euro.
And Germans were right to worry because without Greece the Euro would have become a super strong currency, just like the Deutchmark of old. By making the Euro weak Greece has, almost single handedly been responsible for the soaring level of German exports and Merkel knows this.
Yet the Germans claim that the Greeks have no right to expect any further subsidies and if Germany has its way Greece will not get any further help and Greeks will be puished even more with extra doses of austerity. The truth of the matter is that austerity and the collapse in the Greek economy has been the equivalent of a massive subsidy by Greece to Germany. Germany has not once complained about the weakness of the Euro and why should it. It has been one of the greatest beneficiaries of the decline of the Euro. And that is what a single, one size fits all, currency union is all about. Transfer of wealth from the poor countries to the wealthy countries.
The Germans are desperate for Greece to remain in the eurozone but they are not prepared to contribute a single cent more to the country which has enabled Germany to have a huge and illegal budget surplus which it repeatedly refuses to reduce.
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