German Chancellor Angela Merkel is furious with the United States for roiling the world economy and expecting Europe to help clean up the mess. “We did what we were supposed to do. … We adopted a decent EU regulation … but when it came to it, the Americans said ‘that’s not for us.’ ”

Merkel is not alone in her outrage. As Germany’s top Social Democrat put it: “The Americans cannot hold Germany responsible for its own failure and arrogance.”


“We did what we were supposed to do,” said Merkel, referring to Germany. “We adopted a decent EU regulation on the national statute books, having listened to the concerns of small businesses… but when it came to it, the Americans said ‘that’s not for us’.”

“That’s just not on in the international sphere,” she added. “It’s just not fair competition.”

[…] The German government persisted today in its refusal to participate in Washington’s proposed bailout package. Anger is rife in Germany that the US-fuelled crisis is likely to severely dent Germany’s continued economic recovery after years of downturn.

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