Angela Merkel, swimming instructor
When it comes to the euro, the German chancellor prefers self-help to help—but she can be more flexible than she seems
WHEN warnings sound that the end of the euro is nigh, all eyes turn to Angela Merkel, the German chancellor. Germany must “assume its part” in saving the currency, says Spain's economy minister, Luis de Guindos. If there is rescuing to be done, Germany is the obvious rescuer. Yet rather than toss out the lifebelt, Mrs Merkel offers swimming lessons.
She would find this characterisation unfair. Time and again she has taken stands against bail-outs only to relent. She balked at bailing out Greece and at a permanent rescue fund and she vetoed the use of bail-out money to buy government bonds in the secondary market. In each case she gave in (too late, say critics).
This article appeared in the Europe section of the print edition under the headline "Angela Merkel, swimming instructor"
From the June 9th 2012 edition
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