Germany is the problem in Europe, not the peripheries

AN OPEN LETTER TO MERKEL

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Chris Rice, manager of the £837m Cazenove European fund, looks at why Germany is the real obstacle to the survival of the euro.

Dear Frau Merkel, Germany is the problem. You are clearly inundated with advice, much of it poor, and you have shown a diplomacy and statesmanship sadly lacking from some of your European partners, as well as from your Anglo-Saxon friends across the Channel and Atlantic. But, I repeat, Germany is the problem, and on two counts. First, your political elite has misanalysed the causes of the euro crisis, and as a result is prescribing the wrong solution to the very partners who gave Germany the breathing space to restructure its economy after the fall of the Berlin Wall. Secondly, Ger...

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