Editorials: Southern Europe awaits German election in fear, hope | Reuters
Like the coming of the messiah, depressed southern Europe nations await Angela Merkel’s likely victory in Germany’s September election with a mixture of hope and trepidation. Four years into the euro zone debt crisis, people in debt-laden Spain, Italy, Greece, Portugal and Cyprus are deeply worried that a third term in power for the conservative chancellor may only bring them more austerity and pain. The five countries that implemented Merkel’s anti-crisis recipes and cut spending massively in areas such as health and education, have been in or close to recession since 2008. Unemployment tops 27 percent in Spain and Greece. Their leaders, however, disagree. Confident that Merkel will tone down her budget cutting mantra and accept more burden-sharing within the euro zone, they are positioning themselves as close allies of Europe’s main paymaster.