The Telegraph‘s Chief Political Commentator Peter Oborne says we are all missing the larger story in the bailouts of Greece, Spain, and Portugal. Germany may have to cough up money now, but they will be the big winners in all of this. He writes:
“While these nations [Greece, et al.] relapse into pre-modern economic systems, Germany is busy turning into one of the most dynamic and productive economies in the world. Despite the grumbling, for the Germans, the bail-outs are worth every penny, because they guarantee a cheap outlet for their manufactured goods. Yesterday’s witching hour of the European Union means that Germany has come very close to realising Bismarck’s dream of an economic empire stretching from central Europe to the Eastern Mediterranean.”
His full article is well worth reading.