It is difficult to see how a continuing increase in unemployment, balance of payments deficits and mounting foreign and public debt can go on. Something has to give in sooner rather than later: either the German have to be less restrictive in her attitude to mutual support or the Southern countries will leave one by one.
Quando la sig.ra Merkel dice che ogni massaia tedesca sa che non si può fronteggiare i debiti, aggiungendo ulteriori debiti, non dice una cosa nuova, e tuttavia profondamente sbaglaita.
When Mrs Merkel says that every German housekeeping knows that you cannot take care of debt with (additional) debt, says nothing new, but deeply wrong.
Mentre il timore tedesco di una ripresa dell'inflazione come problema centrale dell'Europa è ingiustificato, le poltiche restrittive imposte ai paesi in dificoltà accrescno la disoccupaizone di massa e con la depressione, aggravano il debito pubblico.
Today, the Eurozone's mantra is that the deflation of wages increases the productivity and competitiveness. But since all countries are addressed on the same pattern, the only result is the recession for all.
The fear of a runaway inflation in Germany, and everywhere in Europe, is not justified now, while depressing demand and mass unemployment will not put the countries in trouble in a position to pay their debts.
