Germany may want sanctions against states that break European Union deficit regulations, but no one else seems to agree, according to the Irish Independent.
The Czechs are against taking away voting rights, the French are against cutting farm or infrastructure aid, and Spain says no to cutting infrastructure support too.
So it’s largely Germany alone defending a position of strict rules for eurozone members.
This is not surprising, considering Germany’s role in the €750 EU-ECB bailout of Greece, which George Soros described as the first step towards a European treasury.
German Chancellor Angela Merkel has been adamant that she won’t keep dolling out the cash if reforms aren’t made to protect German economic interests, namely, not having to pay billions of euros for every bailout.
Germany has done well in the crisis, coming out the strongest of the European countries. But much of that strength has been associated with growing exports to emerging economies like China.
And purchasing by the Germans isn’t increasing in anyway that would buoy the southern economies most endangered by the euro crisis.
So it’s is unlikely that any state in Europe is going to agree with the Germans until they start buying more of their goods.
An EU free trade agreement with South Korea certainly isn’t going to help that.
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