By Jonathan Power
The Germans are at it again. As Mario Monti, Italy’s prime minister, quipped: for Germany “economics is a branch of moral philosophy”- i.e. punish the sinners. Unless the southern nations- Italy, Spain, Portugal and Greece- admit their past wickedness and purge themselves until it hurts, even tortures them, they will never recover. Forgotten are such German sins as its own banks investing heavily in the Spanish housing boom which when it bust dragged down the whole economy, taking government revenues with it or being the first country in Europe the agreed 3% limit on budget deficits. Read More »



