“Punishment Interest” Germans call it with Teutonic precision. Bank: “Just stop saving.”
The German government draws a line. If Britain steps over it, it doesn’t belong in the EU. And it’s not about money.
“Punishment Interest” it’s lovingly called in Germany, as the ECB intends to flog savers until their mood improves.
The threat hangs over the EU. Eurocrats claim no one would be without natural gas. But a leaked report from the German government explains what fiasco it would be.
That these comparisons to January 2009 are suddenly cropping up is unnerving. Stocks are rolling over.
Germany, which is supposed to pull the Eurozone out of its funk, is sinking into a funk of its own.
This shouldn’t have happened. Where is the euphoria?
German consumers are supposed to save the Eurozone – and the global economy – but economic expectations “completely collapsed” last month and now dropped again.
A true debacle is unfolding. Just when we thought the euro was finally safe.
Obscured by stock market hoopla, and under the leadership of our fearless Treasury Secretary Jack Lew, the G-20 finance honchos fret about faltering global growth.