IMF crosses swords with Germany over crisis handling

[5.56NATO]

The IMF said Germany’s vast trade surplus must be slashed in half to rectify the eurozone’s North-South imbalances, and warned that fiscal overkill could abort recovery and set off an EMU-wide chain reaction.

“Fiscal over-performance should be firmly avoided,” said the Fund in its annual health check on the country.

“Should growth prospects sour and labour markets weaken, proactive fiscal policies would be needed. A large shock may necessitate invoking the escape clause under the debt brake rule in order to support domestic activity and employment,” it said, referring to a clause in the German constitution mandating a cut in the structural deficit to near balance by 2016.


http://www.telegraph.co.uk/finance/financialcrisis/10226542/IMF-crosses-swords-with-Germany-over-crisis-handling.html

[Schuetzenman]

I hope Germany tells them to go fuck off.

[5.56NATO]

It kinda tells me that the IMF wants to make everyone in the eu crash, not just the PIG countries.

[El Jefe]

Um, maybe the floundering EU countries could try to emulate Germany more. Nah, that would be racist or something. :smiley_freak:

[studmuffin]

like two liberals crossing flesh swords in the shower, rubbing against each other.

[Oswald Bastable]

Um, maybe the floundering EU countries could try to emulate Germany more. Nah, that would be racist or something. :smiley_freak:

Greece should have bailed from the EU years ago and reinstituted the drachma as their currency. The other countries (Portugal, Spain, etc.) in the same position should be doing the same with their respective, original currencies. Let the EU sink under its own socialist weight.

[N/A]

Greece should have bailed from the EU years ago and reinstituted the drachma as their currency. The other countries (Portugal, Spain, etc.) in the same position should be doing the same with their respective, original currencies. Let the EU sink under its own socialist weight.

We won't pay...
http://rt.com/news/dont-pay-movement-austerity-212/

[Oswald Bastable]

We won't pay...
http://rt.com/news/dont-pay-movement-austerity-212/

Sounds like the 99 percenters...but it doesn't absolve the government from making the obvious choices they should have made. Dump the EU, go back to the drachma, give capitalism a chance.

[5.56NATO]

I don't see why they don't run the presses and print what they need. It's not like the euro is backed by anything but fraud.