Yeah, Herr Brüderle, you guys are the best thing since sliced toast. You’ve done everything right, right?
But please, enjoy it now, while you still can, fast. Because here’s what might just happen next: Mr. Sarkozy putting your money where his mouth is (“Germany and France will never let the euro fail) and your temper tantrum behind the scenes at Davos might be an indication that you have already been pushed down the road you didn’t think you would have to travel:Spending whatever it takes to bankroll your near-bankrupt euro neighbors.
And should it come to that, let’s see how much admiration you’ll be getting from German taxpayers back home.
Germany is getting boxed into a corner. Somehow, the ideas that the bailout-funding European Financial Stability Facility needs to be much bigger, that it should buy government debt, and that the interest rates charged on aid need slashing, have all dodged Frankfurt opposition and moved to the top of the bond market’s agenda.
