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(PRWEB) November 18, 2011
Germany’s firm attitude against labor market reforms and following new rules on spending cuts due its fear of hyper-inflation and losing the money it lent as a creditor over the last decade to the peripheral nations is making the situation in Europe worse. The Forex Ecn experts at the online Forex trading company InvestTechFX report that opinion polls indicating that a third of Italians welcome a return to authoritarian government with Silvio Berlusconi's government teetering on the edge of collapse should make the Germans stop and think.
The head of the IMF (International Monetary Fund) Christine Lagarde stated that Berlin’s fear of inflation is misplaced, as also reported by the Financial Times. Economics professor at LSE (London School of Economics) Albrecht Ritschl argues that the country has no claim on the higher moral ground. Indebted countries cannot withstand this level of punishment for past borrowing without political instability and internal political collapse, as has been discussed in The Guardian blog as well.
Germany has a history of high debts. Post-war allied powers who wrote off almost all Germany's debts allowed Berlin to re-invent itself in 1919, 1948, and 1953. In pursuit of its ambitions, they ran up the largest debts of any nation during the 20th century, which were forgiven due to an agreement with the US and UK.
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