With Greece once again nearing default, calls are going out this week for Germany to step in to help. And many Germans are, once again, responding with indignation, saying they shouldn’t have to bail out their profligate neighbors.
But there is another reason Germany should resist demands to intervene, one that Chancellor Angela Merkel can hardly express publicly. Though Germany is undeniably Europe’s strongest economy, its outlook is not nearly as rosy as people imagine. And while a bailout might seem to help in the short term, it would make it harder for Germany to lead in the place where it really matters: creating a fiscal union, a United States of Europe.… Seguir leyendo »