Now, the large 82.8% German government debt to GDP ratio is a source of shame for many because Germany was a driving force in enshrining the 60% government debt to GDP hurdle into the Maastricht Treaty that set out terms for the euro zone.
In the Time of Skinny Cows - NYTimes.com - 0 views
Some thoughts on German politics and the saver's tax in Cyprus | Credit Writedowns - 0 views
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Moreover, the interest rate policy of the ECB, geared as it was to the slow growth core, produced negative real interest rates and credit bubbles in Spain and Ireland during the last decade. German banks piled in to those countries as prospects domestically stagnated.
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“The average German worker feels like a cash cow being sucked dry by a quick succession of reforms and bailouts that take money out of her pocket. First it was for reunification, then for European integration, then to right the economy, then to bail out German banks, and finally to bail out the European periphery. Fatigue has set in.”
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European Union Leaders Agree to Slimmer Budget - NYTimes.com - 0 views
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Why should a Latvian cow deserve less money than a French, Dutch or even Romanian one?
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In a system that requires unanimous approval of budget decisions, what Latvia wants for its dairy farmers — or Estonia for its railways, Hungary for its poorer regions or Spain for its fishermen — is no small matter.
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The colossal effort that was required to agree to a sum of about 960 billion euros ($1.3 trillion), a mere 1 percent of the bloc’s gross domestic product, exposed once again the stubborn attachment to national priorities that has made reaching agreements on how to save the euro so painful in recent years.
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The tragedy of Argentina: A century of decline | The Economist - 0 views
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The tragedy of Argentina A century of decline
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In the 43 years leading up to 1914, GDP had grown at an annual rate of 6%, the fastest recorded in the world.
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The country ranked among the ten richest in the world, after the likes of Australia, Britain and the United States, but ahead of France, Germany and Italy.
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Europe risks 'significant' gas shortages this winter - FT.com - 0 views
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Europe risks ‘significant’ gas shortages this winter
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Eastern European nations are working on ambitious plans to develop terminals to import liquefied natural gas but these will not be ready by the winter.
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