German austerity: will the euro zone break up?

Anyone familiar with MMT would see the misery Germany is heading towards.  Even worse it will take with it the rest of Europe.  Excerpts below from an article that appeared in the Livemint today (25 October 2014) (http://uk.reuters.com/article/2014/10/24/uk-eu-summit-idUKKCN0ID0VF20141024) clearly highlights the fears that many modern money theorists have been warning us about.  What is surprising is that there is no popular political voices coming from Germany that make an MMT argument against German austerity.

Stagnating euro zone seeks German shift

BY FRANCESCO GUARASCIO AND ROBIN EMMOTT

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After the bloc's revival came to a halt in the second quarter, France and Italy want to shift course away from the spending cuts that marked the bloc's response to the 2009-2012 crisis Germany says debt discipline must continue.

Seated around a large oval table in the EU summit's red marble building, Merkel said no country with a national debt greater than its economic output should be borrowing more, diplomats said.

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According to people in the room, Merkel said record low interest rates gave the euro zone "room to breathe" and that a mix of private investment, fiscal discipline and openness to fast-growing Asian economies was the way forward.

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The debate is complicated by EU rules that seek to keep country's public finances in order and Germany's promise to balance its books next year for the first time since 1969.

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