Where Greece Is Right and Germany Is Wrong

businessweek.com — The euro zone is in failing health, and the European surgeons are arguing bitterly at the operating table. It’s the profligate Greeks, whose screw-ups helped drag Europe into its deepest crisis since World War II, who are mostly right in this argument—and the disciplined, hard-working Germans who are mostly wrong. Europe’s economy is already so weak that Teutonic belt-tightening, however meritorious in ordinary times, threatens to push the Continent into a deep and long-lasting recession. Austerity got a fair shot in Europe in 2011, and it’s failing.

more »