Germany Can't Escpae It's Own Crushing Austerity As Exports Fall And Imports Tank
While the implosion of Cyprus focused the world’s eyes on the European sovereign debt crisis once again, a deeper problem lurks in the background: German weakness. Trade data released Tuesday showed exports, the country’s main economic driver, fell in February, while imports contracted dramatically as domestic demand wanes. The release coincided with a visit from U.S. Treasury Secretary Jack Lew, who diplomatically clashed with his German counterpart, asking European policymakers to engage in stimulus to boost domestic demand. Germany, though, will have nothing of it, and will continue to impose austerity across the Old Continent.