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Germans doubt Merkel can avert financial crisis

The Local · 19 Aug 2011, 14:23

Published: 19 Aug 2011 14:23 GMT+02:00

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Fifty-five percent have little confidence and another 20 percent no confidence whatsoever that Merkel's conservative-led government will be able to contain the eurozone debt crisis, the poll released by ARD public television said.

Just 22 percent of respondents said they were confident the chancellor, who is in charge of Europe's biggest economy, can deal with the current situation, according to the poll carried out by the Infratest dimap on Tuesday and Wednesday amongst 1,001 respondents.

Merkel held a summit meeting with French President Nicolas Sarkozy on Tuesday evening to discuss how to respond to the spreading concerns that the 17 nations that share the euro will be able manage their heavy debt loads.

The European Central Bank began intervening in the bond markets earlier this month to ensure borrowing costs for Italy and Spain didn't rise to levels they would need to seek a bailout like Greece, Ireland and Portugal.

Sarkozy also came out badly in the poll with 75 percent of Germans saying they had little or no confidence he can help solve the eurozone debt crisis.

The poll was released as the Frankfurt's DAX index of leading shares fell by more than four percent in early trading on Friday following a drop of nearly six percent Thursday, its biggest since 2008.

Many Germans are increasingly worried about their country being asked to foot too large a bill to bail out other eurozone nations, whom they blame for mismanaging their economies and building up mountains of debt.

In addition, 71 percent of those polled confessed to understanding very little about current measures being discussed at the European level in an attempt to shore up the eurozone and improve its governance.

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The poll also suggested Merkel's government would lose an election if it were held today.

The ruling coalition of conservative Christian Democrats (CDU), their Bavarian sister party the Christian Social Union (CSU), and the pro-business Free Democrats (FDP) garnered 39 percent of voter support, compared to 48 percent for the opposition centre-left Social Democrats and their potential Green partners.


The Local (news@thelocal.de)

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Your comments about this article

15:10 August 19, 2011 by storymann
I would seriously doubt that any leader from Germany could avert the inevitable.
15:26 August 19, 2011 by MonkeyMania
Avert it? The was she has gone about things this last couple of years she is practically guaranteeing it. And all for the short term gains of short term progression of the German economy.
15:40 August 19, 2011 by dcgi
What do people expect Merkel/Obama etc. can really do to avert a disaster created by the greedy banking industry, the horses already bolted long ago, this is damage limitation, every country is going to go through financial crisis and there's not a lot our leaders can do to solve it.
17:05 August 19, 2011 by ECSNatale
How can any one person, or small group of people, prevent and correct the financial mishandling that has gone on for years by every major financial company in the world?
17:12 August 19, 2011 by lwexcel
They can't especially since it was actually major financial companies and governments alike.
17:24 August 19, 2011 by derExDeutsche
Avert it? Are you crazy? This is EXACTLY what they want ! Control through taxes and legislation not only for their own country, but the rest of Europe and USA as well. A manufactured crisis to create enough debt to grow the Govt. Taxes and Control.

A Crisis manufactured by our Governments with overspending social programs and welfare.

How else were the politicians of France and Germany going to be able to take control of the rest of Europe? Everyone knows Napoleon and Hitler had it all wrong. They will take control Europe with Debt, not Tanks. Duh. Before long you will all be under one Great Leader in Europe.

I can't believe all you nitwits are still blaming the banking industry. Affordable housing in the USA and unsustainable Govt. spending Europe wide is why we are here today. Not Bankers. How many banks have gone belly up now because of the badly rated mortgages backed by Frannie Mae & Freddy Mac?
17:30 August 19, 2011 by Mary E
2 Timothy 3

1This know also, that in the last days perilous times shall come. 2For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, 3Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, 4Traitors, heady, highminded, lovers of pleasures more than lovers of God; 5Having a form of godliness, but denying the power thereof: from such turn away. 6For of this sort are they which creep into houses, and lead captive silly women laden with sins, led away with divers lusts, 7Ever learning, and never able to come to the knowledge of the truth. 8Now as Jannes and Jambres withstood Moses, so do these also resist the truth: men of corrupt minds, reprobate concerning the faith. 9But they shall proceed no further: for their folly shall be manifest unto all men, as theirs also was.
18:53 August 19, 2011 by Englishted
I personally can't make up my mind which of derExDeutsche,or Mary E., is the one most in need of treatment.
19:01 August 19, 2011 by Jerr-Berlin
RE: Mary E

...what kinds of halucinogens have you been injesting lately?
19:19 August 19, 2011 by DinhoPilot

Reading some comments in TheLocal and Toytown, looking around to people and checking the news, I would say that Mary got it right.
20:57 August 19, 2011 by catjones
It's not that Merkel will Avert the crisis, she'll Divert the crisis.
21:57 August 19, 2011 by johnny108
55% have "little confidence"

20% have "no confidence"

71% of those polled confessed to having very little understanding of the current measures being discussed........


people with no clue are angry with their leaders? Big suprise.

And why is Merkel forced to be the "savior" of the Euro-zone? Or the German people, for that matter?
22:18 August 19, 2011 by MonkeyMania
Merkel looks like she is going to cry. Maybe she should be.
22:45 August 19, 2011 by finanzdoktor
It appears that the German populace doesn't have much confidence in anyone these days. If the poll numbers are reflective of the same poll, that is confidence in handling the euro-zone crisis (and not one poll being confidence in handling the euro-zone crisis and the other general voter confidence), then no one party garnered 50% or more. Of course, it is indicative of possible future coalitions.

On your mark, get ready, set, go!!!!!!
23:30 August 19, 2011 by MarkOnline
The simple solution to this whole eurozone crisis is the "eurobond". The problem is Merkel and Sarkosy are trying to take political advantage of the crisis claiming further EU political integration is the only option.

If the eurobond was introduced tomorrow the crisis in the eurozone would be finished tomorrow!
00:02 August 20, 2011 by Logic Guy
Well, individuals are similar to nations. If a person is lost and mired in a deep crisis, it will then take a small miracle, in order for them to recover.

The same is true for a troubled nation, or in this case the EU.

Usually, if a person is "Stuck in a Loop", then it will take someone from the outside to free them. Unfortunately, most people may never realize this.

If an individual can imagine positive circumstances, it will still nonetheless require real courage to let go of what they are used to. The character necessary to try something new does not exist with most humans.

For most people and nations, it is very difficult commit to a concept that they are unfamiliar with. Fear of the unknown is tough to overcome.

Imagination is more important than knowledge. Albert Einstein
08:19 August 20, 2011 by Dr. V
Merkel cannot imagine to avert the problem she herself was a party to. This is way past what can we do? It's about what will now happen as a result. In a utopian result, heads would roll, German would be siezed by UN Troops, and we would see REAL democracy in action. Unfortunately, if we are to agree upon the definiton of the word, according to the dictionary, "Democracy is a form of government in which all eligible people have an equal say in the decisions that affect their lives. Ideally, this includes equal (and more or less direct) participation in the proposal, development and passage of legislation into law."

Are you having an equal say, or are you being forced to eat what they serve?

That's Socialism, and that's Germany.

When you see the Bundestag on PHOENIX, and there are 30 to 40 people present, that is not on. More that 200 people missing on a daily basis. In Germany elected officals must be present for every single discussion and or vote. That's what you voted them into office for, and that's what they get paid for. They sould have a swipe card system for attendance. You don't sit there for 8 hours, you don't get paid. You don't want to sit there for 8 hours, get a different job, that is it, take it or leave it. And, when they are present, they should have to give up all handys, iPads, Laptops, Gameboys and whatever other toys they play with on TV when you watch them. Watch PHOENIX.
09:57 August 20, 2011 by odtaa
The obvious, most logical, long term solution is a Marshall plan type scheme to help the weaker European economies linked to a euro-bond guaranteed by all the eurozone countries. Yes this will lead to more central control in the area.

It's strongly in the interest of Germany to promote such a scheme:

it will replace the regular bail-outs that are needed at present.

It will make the value of the euro stable.

It will build public and business confidence - which in turn will promote growth.

It will mean that banks will be at less risk - (if Greece defaults then many German and French banks are at risk).

As part of the new Marshall Plan the countries helped would be helped to re-organise their economies over five, ten year periods.

I would see the scheme also helping non-eurozone EU members to get them into a position to join the euro.

Where will the money come from? It's in the interest of European banks who are at risk if there is a default; the eurozone countries and the bonds would be a good investment for China and some of the cash rich Middle Eastern countries.
19:09 August 20, 2011 by Englishted
@by odtaa

This plan you describe is already there it is called the E.U. and it has been sucking the Western European countries dry for years.
14:02 August 22, 2011 by PiggyPoo

Sounds great, but this isn't a perfect world. That all sounds good in paper, but in reality...



The worst thing that has happened in recent history is the introduction of the poxy Euro as hard currency. They should have implemented it (if at all) as a "virtual" currency and left each country with its own hard money.
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