If the euro breaks up, the efforts to keep wages down would need to return to Germany. To Germany at large it might be good as the chance for political resistance increases with visible costs, but to the political and economical elite it would be bad in particular as they loose the newly acquired powers of the ECB. So the rational thing for said elite would be to try to avoid a break-up while promoting their policies. Practically this would consist of carrots and sticks being applied in relation to election that could end with a state breaking away. Threathen a world of hurt if the wrong party wins and give support to the right parties in the form of promises, bit of better terms before the elections and if necessary direct funds to the party coffers of the right parties.

There is of course the hope that they are sufficiently blinded by their ideology to act irrational. But when your best hope is that the powers that be are nuts, it is not good.

The world is a frightening place, I just try to make sense of it. Though it grants no control, the effort gives a sense of comfort.

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