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More Germans Want to Abandon the Euro

Pressure is building on German Chancellor Angela Merkel as more and more German citizens are beginning to realize that they are bearing the brunt of the bailouts in Europe. Nearly half of all Germans want to go back to the deutschmark as the German newspaper Deutsche Welle reports:

It's been a tough year for the euro, with debt crises in some eurozone countries chipping away at the common European currency's value. Many fiscally disciplined Germans were frustrated to see their taxes going to bail out Greece and Ireland, whose governments' debts had threatened to bring the euro down.

For that reason, it seems that many Germans look fondly back to the days of the deutschmark, once one of the world's most stable currencies. German daily Bild commissioned a survey by Cologne's YouGov-Institute that found that 49 percent of Germans want the deutschmark back. Only 41 percent of those surveyed don't.

The survey also found that the majority of Germans are worried about the stability of the euro and the possibility of inflation. Some 77 percent of the 1,068 people questioned by YouGov said they personally had not profited from the adoption of the euro.

Would they adopt the euro today?

If the country were currently not part of the eurozone, only 30 percent of those asked would today vote to adopt the euro and 60 percent would vote against such a move.

For the rest of the story see http://www.dw-world.de/dw/article/0,,14737918,00.html. None of this is surprising. It was only a matter of time before the German people said enough is enough. As I pointed out in a recent article, http://www.safehaven.com/article/19501/dont-invest-in-the-eurozone-until-the-defaults-begin, there will be defaults in Europe and the beginning could be simply that Germany decides to end the bailouts.

 

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