A Game of Euro Chicken – Playing Until the Germans Lose Their Nerve

For Germany, being part of the European Union has always included an element of blackmail. France has been playing this card from the beginning, but now the Spanish and the Greeks have mastered the game. They’re banking on Berlin losing its nerve.

Angela Merkel, swimming instructor

When it comes to the euro, the German chancellor prefers self-help to help—but she can be more flexible than she seems.

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