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In the end, Germany, not Greece, will be the loser

In the end, Germany, not Greece, will be the loser

Germany is using its size and wealth to compel its Eurozone partners to take a hard line toward Greece, but in the end, Germany has much to lose by forcing the Aegean nation to choose between more austerity and dumping the euro. Angela Merkel's government has cultivated the notions that the Greek government is run by reprobates unwilling to reform Athens' finances, austerity is the golden path to prosperity and establishing a new Greek currency is either impossible or guarantees disaster. None of those are true. Entering 2015, Greece had cut spending and raised taxes enough to accomplish a primary budget surplus — revenue exceeds expenses net of interest on debt —...

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