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Both of them have been keeping aggregate debt to gdp ratios above 60%, for most of the decade, but the quote doesn't discuss that bit of their fiscal position. Germany should have been running budget surpluses in the boom years in order to bring the deficit down but instead they - together with France - forced a redefinition of the Growth and Stability Pact when it suited their excesses, and kept running deficits throughout. The brainless should not be in banking -- Willem Buiter
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