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Austerity can only be implemented in the shadow of a concentration camp.
There is plenty of evidence this is the way the Bundesbank likes it.
Both from the way the treaty sections on the ECB prohibit monetizing public debt but not private debt, and the way the ECB has actually monetised private debt without a peep while having the German members of the ECB council lie about whether buying bonds in the secondary market is monetizing them (it is not). And, to make things better, Germany has managed to prohibit the future European Stability Mechanism (to succeed the EFSF after the magical date of 2013) from buying sovereign bonds in the secondary market.
Economics is politics by other means
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