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Because they want to have their cake and eat it, too. IOW, they don't want Garmany's massive accumulated holdings of Euro-denominated foreign debt to devalue ralative to the new DM.

Remember Germany's current account surplus continues to accelerate:



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 Sun Nov 2nd, 2014 at 03:38:34 AM EST
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