Sunday, May 09, 2010

Bailout Of Greece Causes Shift In German Political Landscape

Recently Germany held elections for it's parliament also, which were overshadowed by the elections in England, but the voter sentiment there, as elsewhere, is showing signs of a cooling attitude towards those in power.

The biggest issue in Germany, whose economy is suffering right along with everybody else, decided it would be a good idea to give Greece £19 billion. As a result the party to which Chancellor Merkel belongs to, the Christian Democratic Union took a beating in the polls. A lot of the sentiment in Germany is not in favor of one party or the other. Like England they have three predominant parties, the other two being the Social Democrats and the Free Democrats. How about that? A country where everybody is a Democrat.

The CDU is considered a right leaning party according to European standards.
Chancellor Angela Merkel appeared to have been dealt a political body blow on tonight when her Christian Democratic party recorded its worst ever result in crucial region elections.

Exit polls in North Rhine Westphalia — Germany’s most populous region with 18 million inhabitants — suggested that the Christian Democrats won barely 34 per cent of the vote and were like to be toppled from the regional government. Plainly the party has had to pay for some of the popular discontent about Chancellor Merkel’s aid package for Greece.

The United States has pledged about $6 billion to aid Greece, which may be the first of many other countries to go into default. The most talked about others are Spain and Portugal. A heavy reliance on federal government handouts and being nursemaided by the central government is a large part of the reason these countries are in trouble. It simply did not take long for there to be more moochers then there were contributors to their economies and as a result they could not meet their obligations.

And as evidenced in Greece, the kiddies are not happy about having their allowance cut off.

No comments: