Hans F. Bellstedt: Increasing the European Stability Mechanism is matter of European solidarity and not financial common sense. Germany is being left to take the risk against its own interests and there is little evidence that this “Bazooka-strategy” will work.
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As Eurozone leaders agreed to continue with austerity and forced the banks to write off 50 percent of Greece’s debt, the effect of these measures will hardly be felt by Southern European countries plagued by unemployment. ++ Medium and small businesses are teetering on the edge of bankruptcy resulting in massive layoffs and a drastic drop in productivity. ++ Bailouts and austerity measures may
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