Why the German government is already debating relaxing Greece’s austerity targets

In late April, I wrote a post predicting why the EU is temporarily dropping the 3% hurdle. The gist of the post was that in the euro zone and in Europe more generally, the economy was decelerating much faster than anticipated. To get ahead of the inevitable target misses, the EU was going to have to decide whether to re-double efforts or to relax targets. I felt that the EU would relax targets because of the problems for the Netherlands, Italy and Spain in particular. Now the German press is rep...


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