Stepping out of the arrivals hall of Berlin's Tegel airport last week, I was struck by a poster for a book with the alarmist title: “Rettet unser Geld! Deutschland wird ausverkauft – Wie der Euro-Betrug unseren Wohlstand gefährdet” (Save our money! Selling off Germany – How the euro-fraud is endangering our prosperity). The poster proclaimed: “Spending on education and research: 11 billion. Spending on euro rescue: 22 billion.” The second number is the cash amount (in euros) that Germany is scheduled to provide to the permanent eurozone rescue fund, the European Stability Mechanism (ESM).
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