Rescuing the Euro: The Fatal Mistakes of Berlin's Bailout Strategy - SPIEGEL ONLINE - News - International#ref=nlint#ref=nlint

Rescuing the Euro: The Fatal Mistakes of Berlin's Bailout Strategy - SPIEGEL ONLINE - News - International#ref=nlint#ref=nlint: We are witnessing a debacle of state debt accumulation. And this is not only a European phenomenon, but a global one. For many years, one could only wonder at how private individuals and financial institutions were willing to entrust their money to governments whose debts had long been considered non-refundable. In this debt world, finance ministers were celebrated when the new debt they took on was less than the previous year. That the total debt would continue to rise was, and is, self-evident.
Now the investors -- and not sinister "speculators" -- are ready to prepare an end to this mismanagement by refusing further credit. Rightly so. We should thank them for this insight, even if it has come rather late.