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22 June 2012

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Ian Jenkins

It is interesting how German public opinion is hardening against bailing out Europe. For example the latest 'Economist' reports:

"in May 2010 most Germans said it was right to help Greece [.] But by September 2011, only 39% said Germany should continue to give the Greeks any money. And last month, almost half thought Greece should be encouraged to adopt the drachma again; fully 80% thought aid should stop if the Greek government wavered in its reforms."

The bail-out would of course be only a short-term fix for the eurozone.

However it's odd there is no political appetite, despite all the pain, for a wider permanent fix. The power of a nation to destroy the global economy remains; perhaps the G20 working group that Canada and India are co-chairing will recommend the removal of this power in order to achieve their remit of 'strong, sustainable and balanced financial growth'.

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