While attention in this country was focused on the delights of the Olympics, almost wholly unnoticed here has been the extraordinary drama unfolding in Germany – portending a truly seismic shift in the history of the European Union. The Germans have at last peered into the abyss that opens in front of them as a result of pouring all that money into the debts of their eurozone partners. To say that they don’t like what they see is a wild understatement.
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