Europe to Germany: Your eurocrisis 'answers' don't work for us
"The German answer so far is to revise previous rules to make stricter rules," says Philip Whyte of the CER. "Rules may help in the long term, but there's an immediate crisis in households and nations. Germans are sincere in the belief that Italy and Spain will benefit from reform. But austerity without growth reminds me of policies in the '30s: slashing spending as economies contract."