is that the 3% deficit limit was something that Helmut Kohl insisted on as a prerequisite for joining bringing Germany into the euro (it made it an easier sell to the folks at home, who were skeptical of the Med countries).

BTW, it is worth noting that Germany's deficit is also unconstitutional. The Basic Law stipulates: "Revenue obtained by borrowing shall not exceed the total of investment expenditures provided for in the budget;..." (Art. 115 GG)

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman