Could Germany be the first country to jump off the single currency cliff?
Investors have good reason to be sceptical that the new Italian leader can resurrect his country’s economy
“Isolation is a dream killer,” so the saying goes. Many commentators assert that German Chancellor Angela Merkel’s unprecedented new isolation in Europe over eurobonds and growth measures could turn her dream of tightly controlled European fiscal discipline into a limp cadaver. Some go even further and say it could accelerate her own political garrotting.
The UK has now plunged into a double dip recession, according to figures released Wednesday. But in Germany the economic prognosis could not be more different. Why is the German economy showing such stomach for the fight against the global downturn, while Britain staggers from its toxins?
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