German Euro Founder Calls For ‘Catastrophic’ Currency To Be Broken Up

06/05/2013 23:24
Imagine what would happen if a neo-Deutsche Mark suddenly appeared on the scene. The value of that thing vs. every other currency would balloon, making German exports unaffordable in most other places.

No matter how you slice it, the situation is a shit sandwich.

Via: Telegraph:

Oskar Lafontaine, the German finance minister who launched the euro, has called for a break-up of the single currency to let southern Europe recover, warning that the current course is “leading to disaster”.

“The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt,” he said.

“The Germans have not yet realised that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later,” he said, blaming much of the crisis on Germany’s wage squeeze to gain export share.

Mr Lafontaine said on the parliamentary website of Germany’s Left Party that Chancellor Angela Merkel will “awake from her self-righteous slumber” once the countries in trouble unite to force a change in crisis policy at Germany’s expense.

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