Merkel's Bismarckian Euro Diplomacy

Merkel's Bismarckian Euro Diplomacy

Bismarck's elaborate and contradictory system of alliances was doomed to collapse from the collision course of Austria and Russia in the East. But his ouster upon the rise of Kaiser Wilhelm II catalyzed that process as the new emperor’s reckless foreign policy marched Europe toward war in 1914. Default in the Eurozone periphery—if it hasn’t already happened with the Greek bond haircut in March—is the inevitable end that Merkel futilely forestalls. But her replacement with an advocate of greater European bureaucracy and profligacy could send already jittery markets into a panic that would bring Europe to its knees.

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