This ruin was in the making for decades. While germans were busy figuring out how to produce better stuff for cheaper PIIGS were busy figuring out how to sell shit for more.
One strategy is hard short term, but bears long term dividends - the other is awesome short term but spells ruin in the long term and the ruin came.
And now the Germany is at fault for all the years of support, encouragement, warnings and leading by example to these countries? I don't buy it :)
You're right that it's not only a fiscal issue; it's a monetary issue. Ireland was ruined by low German-style interest rates making money far cheaper than it was before; that fueled a property bubble.
The gains to Ireland from 1990-2000 or so were real; the Celtic Tiger wasn't hype. Much of the gains in the past decade, however, were from too low an interest rate.
This ruin was in the making for decades. While germans were busy figuring out how to produce better stuff for cheaper PIIGS were busy figuring out how to sell shit for more.
One strategy is hard short term, but bears long term dividends - the other is awesome short term but spells ruin in the long term and the ruin came.
And now the Germany is at fault for all the years of support, encouragement, warnings and leading by example to these countries? I don't buy it :)