Last week saw two German defeats within 24 hours. On the football field, Mario Balotelli led Italy to a 2-1 victory over Germany in the UEFA Euro 2012 semifinals. In Brussels, it was another Mario that dealt Germany a defeat of sorts at the Eurozone summit. Italian prime minister, Mario Monti successfully pushed aside German objections and won agreements to create a single Eurozone banking regulator and to allow bailout funds to lend directly to struggling banks.
Posts tagged ‘EU’
With the New Coalition winning majority in Greece today this means likely compromise between Athens and Berlin. A new Greek government will be able to claim an easing in austerity. And the Germans can let the EU funds flow, while claiming reform.