Germany drops austerity and embraces eurozone economic stimulus

In sudden policy reversal, Germany abandoned calls for austerity and is backing plans to spend billions on revitalizing the economies in Southern Europe. Germany plans to dramatically expand lending and investing in financially stressed eurozone countries, using its own capital, rather than waiting for the European Commission to take the lead. Germany's efforts will first focus on Spain.

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Der Spiegel (Germany) (English online version) · Business Insider

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