The return of the Deutsche Mark will be an irresponsible decision that would cause an economic disaster for Germany, said Michael Diekmann, the CEO of Allianz Group which holds around EUR100 billion of European government bonds. "We have economically calculated the return to the Deutsche Mark. In this scenario, Germany would slide into a deep depression, the gross domestic product would shrink for a time with double-digit rates, and within 4 to 5 years Germany could end losing up to 25% of its GDP," Mr. Diekmann said in an interview with Welt am Sonntag. On the EU Summit of late June, he questioned the claim that ... (full story)