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Draghi’s Coup: German Reactions


Open Europe has a useful summary of German reaction to the European Central Bank’s announcement that it is prepared to buy government bonds (admittedly at the short end only, and subject to conditions, but still) in the primary markets:

Marc Beise in Süddeutsche Zeitung:

“Saving the euro is worth a lot of effort but there are two important limitations. A euro rescue at any price can be a disaster economically, that is the red line that must not be exceeded. The other limit is the law: never in a rules based community can the end justify the means. A Euro-community based on breached contracts will always be based on fragile foundations. On Thursday, the ECB has unfortunately crossed both these red lines.”

Handelsblatt’s deputy editor in chief:

“Today is a black day for democracy…”

Indeed it was.  But the vampire currency lives on, draining northern taxpayers and southern economies. And one size still does not fit all.


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