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Home Publications Blogs Beat the Press The Post Lashes Out at Effort by France and Germany to Impose Their Will On Fiscally Troubled Euro-Zone Nations

The Post Lashes Out at Effort by France and Germany to Impose Their Will On Fiscally Troubled Euro-Zone Nations

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Sunday, 20 March 2011 08:15

Sorry this one only seems to be available in print, but the Post had an editorial on Sunday ("The E.U.'s finger in the dike," 3-20-2011: A20) that deserved attention. The piece rightly noted that the latest euro zone rescue package is again likely to come up short and also called attention to the continued under-capitalization of the major European banks. But it also lashed out against a "raw exercise of power by Berlin and Paris."

Was the Post upset about demands that heavily indebted countries raise their retirement ages, end wage indexation or, in the case of Ireland, reduce their minimum wage? Nope, none of these demands struck any negative notes at the Post editorial board. The source of the Post's anger was the demand that Ireland raise its 12.5 percent corporate income tax rate.

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written by Eric, March 20, 2011 12:26
Democracies I think should be held to very high standards. Whatever else you may think of Greece, it was a well functioning democracy during the time that today's outstanding debt was issued. That they might have to make unpleasant sacrifices is not wonderful for the Greek populace, but honoring their debt obligations is more important than not upsetting previous arrangements. If you tell me that the whole of the Greek population of hairdressers will die on the job if they can't retire before 65, I'll reconsider, but mostly the complaints about austerity are that it is unpleasant. If Greek hairdressers had always retired at 65, nobody today would be calling such a retirement a particularly austere public policy and you can run down a long, long list of actions in other countries that are only relative inconveninces, not absolute cruelties.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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