German Chancellor Angela Merkel said in her weekly video address that the “Euro Crisis will take at least a decade to resolve.” The G20 agenda was hijacked this week by the concerns over a default by Greece. After approving a massive bailout of the Greece, which quietened the markets for a day, Gree Prime Minister Papandrou announced that he would get approval by the Greek people in a national referendum. This caused a revolution in his own party and he later delayed the decision. Papandreou’s government survived a confidence motion last night.
Merkel also defended the bank bailouts. “Had we not helped the banks, the results would have been even more devastating for the economy and it would have endangered even more jobs.” She said that in future banks would have to sort their own affairs.
Germany has provided a good portion of financial assistance to prop up ailing European economies. Angela Merkel recently expended her political capital by convincing the “Bundestag” to approve the latest measures. She won an overwhelming bipartisan majority with over 500 votes in support of her plan.
The lessons of Europe should be studied carefully and it indicates once again that you can’t spend your way out of a crisis. Sooner or later all governments need to get a grip on their spending. The government can’t be all things to all people. Hopefully the lesson is heeded.
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