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Der Tagesspiegel – Germany

Antonis Liakos on Germany as the super-ego of European capitalism

Cyprus’s bailout marks a turning point in the European crisis, Greek historian Antonis Liakos observes: “The deposits will be transferred from banks and countries whose stability is threatened by the economic downturn and where there is the danger of a debt haircut to countries where the banks guarantee deposits, even with negative interest rates. The German banks will profit from this, or the banks of the peripheral countries will come under German control. Germany, as Europe’s strongest economy, dictates the terms by which the European nations must govern their economies and societies, by undermining their national sovereignty, institutions and democratic achievements. Germany assumes the role of the theoretical super-ego of European capitalism because it is the only economy running a surplus and benefits from the euro by paying minimal or negative interest while the other economies borrow money at interest rates that are far higher than their economic growth rate. This only accentuates the differences. For all these reasons the Cypriot crisis represents a turning point in the European crisis.” (19/04/2013)

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