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Let's have some commentary that Jerome can dismiss off-hand because of the nationality and language of the source.

Irish Times: Berlin's bailout dilemma a defining Merkel moment

"We have to follow our path with the Greeks, too, even if it costs us something," argued Dr Helmut Kohl last week in Berlin, an observation as self-evident as it is out of place in the era of his political protege.

...

Alarmed, the German old guard, from philosopher Jürgen Habermas to ex-chancellor Helmut Schmidt, have come back into the fray to explain Germany's place in Europe and its role in the crisis. With the passion of life-long Europeans, they try to explain the potential cost of loans to Greece, Portugal or Ireland against the certain cost to Germany of not providing loans, namely a collapse of the euro zone as we know it.

"We are making mistakes without even realising it," wrote Schmidt in the Die Zeit weekly. "Our huge trade surplus happened unintentionally but it annoys our neighbours . . . In addition, we behaved very badly in the Greek debt crisis and Libya crisis."



Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon May 30th, 2011 at 05:53:07 PM EST
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