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News Link • European Union

Bundesbank Executive: 'The Euro Is Like A Knife In The Hands Of A Child'

•, Wolf Richter
 While France is preoccupied with the legislative elections next weekend, Germany and Austria plunge into intense public soul searching about the euro, its meaning, its relevancy, the sheer and endlessly growing expense of maintaining it.

To which is now added the $125 billion for bailing out Spain. But as Greece and others have shown: the bailout to solve the problem proves insufficient and is followed by more bailouts. And then there’s Italy.

And yet, the German-language media scream about the expense of abandoning the euro. They call it the crazy option of returning to the D-Mark and warn of gigantic losses. But the very fact these discussions appear in established newspapers moves the option a step closer to reality.

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