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The aberrations of E. Pols
In his newsletter “Berlin Aktuell” the
member of the Bundestag Eckhard Pols (CDU) wrote about the
vote on the Euro rescue package. The vote was not a question of whether Greece should receive even more money,
nor whether a permanent rescue package would have to be set up, but: “... rather that we establish better
protection against the spread of the debt crisis to the financial and real economy.” It may be that the party
line is beating its brow, and it may also be that the dissemination of such words simply forms part of the modern
marketing of a member of the German Bundestag, but that this voice is also a voice that is heard and forms
opinions, must be opposed by the Alliance for Democracy: The rescue package will not check the debt crisis. The
German top credit rating also cannot be preserved.
With all due respect to the members of the Bundestag, who must make tough decisions in tough times, the arguments
of Mr. Pols make as little sense as those of his
colleagues. The rescue package is financed
purely by borrowing. Taking more and more loans will not be a way out of the debt crisis, but will only make it
worse. More and more loans will also not lead to good credit rating. Standard & Poor’s has already downgraded the
Euro rescue package several times. It can only be expected that other credit rating agencies will follow suit,
especially since many of the supporting countries have themselves already been downgraded.
Against this background it is very surprising that Germany has hardly come into the sights of the rating agencies
so far – since the German Bundestag piles up new debt during every legislative period; and this even in times of
strong economic growth.
Responsible politics must finally put an end to this super-debt – but in view of the statements of Mr. Pols, it
remains questionable where this policy is to come from.
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