Top economists warn Germany that EMU crisis as dangerous as ever

euros_2877629bCouncil on Foreign Relations compares Germany’s hardline stance with US policy towards Britain at the end of the Second World War

Professor Michael Burda, from Berlin’s Humbolt University, said the eurozone’s core problem is Germany’s current account surplus

Photo: AP By Ambrose Evans-Pritchard, in Berlin

The eurozone debt crisis is deepening and threatens to re-erupt on a larger scale when the liquidity cycle turns, a leading panel of economists warned in a clash of views with German officials in Berlin. “Debts above 130pc of GDP for Italy and 170pc for Greece are a recipe for disaster once we go into the next downturn,” said Professor Charles Wyplosz, from Geneva University.
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