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Scaring Germany Into Saving the Euro
Der Spiegel’s leak should make life easier for Angela Merkel. Then again, it might not. The German weekly magazine has published an internal report from the finance ministry in Berlin claiming that a break up of the euro would lead to a 10% contraction in the German economy in the first year with the number of unemployed nearly doubling. To many Germans such an outcome would be anathema, and the finance ministry itself seems to conclude that sticking with the euro would be preferable. For the German chancellor, who is struggling to keep her coalition partners and the German people on board efforts to prevent the ... (full story)