Thursday 24 May 2012

Merkel still in charge of Eurozone

German pamphlet DER SPIEGEL fails again

The German magazine DER SPIEGEL gave a customary wrong analysis of a Eurogroup meeting, this one accentuated by the first appearance of newly elected French president François Hollande.
http://www.spiegel.de/international/europe/euro-bond-discussion-dominates-european-union-summit-a-834865.html

Leading up to the meeting DER SPIEGEL praised its expectation of "Hollande will confront German Chancellor Andrea Merkel to push through a growth plan for Europe (even though Hollande fell short on details) and the introduction of eurobonds."

Well, François Hollande came into the Summit of the Daft with much fanfare and pompous claims to "force Germany to accept eurobonds and a plan for growth in Europe" as a way to tackle the eurozone's formidable chaos. Andrea Merkel said that the meeting will not deal with the question of eurobonds.

After the end of last night's meeting there was no mentioning of eurobonds, nor a programme to spark economic growth in the eurozone, but a sharp rebuke and further demands put to Greece. As this constitutes "stealing the show" in the eyes of SPIEGEL, I have again to question the pamphlet's judgment and bona fide approach to politics.

If DER SPIEGEL wanted to report accurately from the summit, and had the desire to give a valid assessment of its outcome, they would have headlined the story with, "Merkel clipped Hollande's wings"

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