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The alternative is for Germany to engineer fiscal transfers to the periphery, directed to capital formation.

Foreign direct investment wouldn't cut it because it would still contribute to Germany's current account surplus (if I'm nt mistaken) but it would be better than nothing.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman

by Migeru (migeru at eurotrib dot com) on Tue Nov 26th, 2013 at 07:14:27 AM EST
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