Berlin finds few allies for austerity push G-20

"The idea that Germans would even get backing from other Europeans was rather fanciful, and the idea that Americans would go along with targets was far-fetched," said Simon Tilford of the CER. ..."More people are questioning whether austerity in Europe has been self-defeating," he said. ...Germany still controls Europe's purse strings, and is unlikely to change course despite being rebuffed at the G-20. Its budget is nearly in balance and its debt-to-GDP ratio fell in the first quarter, bucking the eurozone trend. With unemployment near record lows, government officials will be reluctant to signal any strategy change ahead of national elections in September. "Tough austerity rhetoric plays well in German."