The Corner

Five Years Left to Cry In (At Least)

Martin Walker reports for UPI:

BERLIN, Nov. 5 (UPI) — Politicians seldom like to deliver bad news, particularly when they face an election in the coming year. So congratulations to German Chancellor Angela Merkel for telling a regional party congress in Pomerania that they should expect the euro crisis to grind on “for another five years or more.”

“We have to hold our breath for five years or more,” Merkel warned delegates in Sternberg. “Whoever thinks this can be fixed in one or two years is wrong.”

She is correct, of course, and those five years will see even more elderly Europeans collecting pensions and requiring costly healthcare while the unemployed youth after five years without a job will be even less employable than they are now. It will require a most remarkable recovery after 2018 to make up for five more years of stagnation and austerity across Europe….

And for what?


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