Monday, January 23, 2012

Germany at Odds with Partners over Euro Crisis

Spiegel
January 23, 2012

Berlin has been unflinching it its efforts to both increase fiscal discipline in the euro zone and to avoid throwing more money at the European debt crisis. Increasingly, though, Germany's EU partners are unwilling to play along. Chancellor Merkel now finds herself confronted with powerful opponents. By SPIEGEL Staff


Boyko Borisov cuts an imposing figure. The Bulgarian prime minister has the build of a piano mover, and he used to coach his country's national karate team. He towered over German Chancellor Angela Merkel while walking with her through the Chancellery in Berlin.

Indeed, he almost seemed like a Merkel bodyguard during his visit to the German capital last Wednesday, particularly when the subject of the euro crisis came up. For days, Italian Prime Minister Mario Monti has been insisting that Germany needed to do more to save the common currency. But Borisov, in contrast, told his audience that he would like to "thank Germany … on behalf of many countries in the European Union." He said that what was important now was budget consolidation, to only spend as much as is brought in and to save, save, save.

"Everyone has to work as much as the Germans," he added.

Merkel nodded with satisfaction. Finally someone was showing some understanding for once. Then she took her earphones off and addressed Monti's repeated demands. "I'm still searching for what else exactly we are supposed to do," she said. And when she figures that out, she added, she'll actively pursue it.

Monti has been crystal clear about what he thinks is missing in this process. He wants more money from the Germans -- a lot more. And he's not alone in Europe.

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