Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

xchrom

(108,903 posts)
11. Bitter Euro Truths: Crisis Could Damage Merkel's Campaign
Wed Aug 28, 2013, 06:56 AM
Aug 2013
http://www.spiegel.de/international/germany/euro-crisis-threatens-to-upset-merkel-s-re-election-campaign-a-918678.html

When a politician is planning a campaign lie, he has to be able to rely on one thing: No one in his own party must come out with the truth prematurely. The Social Democrats adhered to this rule in the 1976 election, when then Chancellor Helmut Schmidt promised higher pensions and then announced sharp cuts after the election. And the center-right Christian Democratic Union (CDU) also closed ranks in 1990, the year of German reunification, when then Chancellor Helmut Kohl appeared on market squares throughout the country to announce that taxes would not be raised. It was a promise that, as we now know, was followed by the strongest postwar increase in taxes and other charges.

Current Chancellor Angela Merkel was still an up-and-coming member of the eastern German CDU and Kohl's eager pupil, so it came as no surprise that she urged her party's executive committee to stay the course on Greece at all costs last week. "There is too much talk in Europe about debt haircuts," the chancellor told her party's executive committee at a meeting last Monday.

But after SPIEGEL had reported two weeks ago that the Bundesbank, Germany's central bank, had new doubts about Greece's bailout program, the debate over additional aid packages or debt forgiveness was reignited. This would be extremely dangerous, the chancellor told CDU MPs, as it would create "uncertainty in the markets." In other words, she was saying, it was critical to maintain discipline in the debate.

Less than 24 hours later, Finance Minister Wolfgang Schäuble appeared on a campaign stage in Ahrensburg, a town in the northern state of Schleswig-Holstein, and said: "There will have to be another (bailout) program in Greece."

Recommendations

0 members have recommended this reply (displayed in chronological order):

I have a SCREAM! Demeter Aug 2013 #1
So you're sayin their pipes are good.. westerebus Aug 2013 #5
You ... AnneD Aug 2013 #19
I'm on a stay at home vacation this week. westerebus Aug 2013 #26
Congrats on the Choral Union! bread_and_roses Aug 2013 #12
Thanks Demeter Aug 2013 #24
We’re All Still Hostages to the Big Banks By ANAT R. ADMATI Demeter Aug 2013 #2
Can we call this market "Summers Slump"? Demeter Aug 2013 #3
Feds: Bank chairman used bailout money to buy luxury condo Isolde Raftery Demeter Aug 2013 #4
There Goes The Indian Rupee Again xchrom Aug 2013 #6
2 Reasons Brazil's Central Bank Is Expected To Raise Key Interest Rate xchrom Aug 2013 #7
They don't want the India treatment Demeter Aug 2013 #18
Computer Science Professor Explains How Phone Call Metadata Can Be More Revealing Than Content xchrom Aug 2013 #8
Dubai Market Tumbles Again, Emerging Market Currencies Slide, Gold Continues to Climb xchrom Aug 2013 #9
Who wants ringside seats to another global Mideast conflagration? Demeter Aug 2013 #16
It's as if Dick Cheney never left. westerebus Aug 2013 #27
SYRIA SINKS STOCKS AS OIL SPIKES, RUPEE DIVES xchrom Aug 2013 #10
Bitter Euro Truths: Crisis Could Damage Merkel's Campaign xchrom Aug 2013 #11
Schäuble's Honesty: Transparency Poses Risks in Euro Crisis xchrom Aug 2013 #13
Syria fears keep oil price high as markets slide xchrom Aug 2013 #14
US house prices continue strong growth xchrom Aug 2013 #15
Japan's pump-primed recovery proves US deficit hawks wrong xchrom Aug 2013 #17
But did the jobs increase? Demeter Aug 2013 #25
Wall Street’s greatest enemy: The man who knows too much DemReadingDU Aug 2013 #20
The drought in Texas continues.... AnneD Aug 2013 #21
Have you gone home, AnneD? Demeter Aug 2013 #30
Being home in Texas...... AnneD Aug 2013 #31
For all of us Demeter Aug 2013 #22
The important battle this fall will be over the debt ceiling, not a government shutdown Demeter Aug 2013 #23
Wall Street bonuses to top 2009 jakeXT Aug 2013 #28
Awesome toon! adirondacker Aug 2013 #29
Latest Discussions»Issue Forums»Economy»STOCK MARKET WATCH -- Wed...»Reply #11