No street cred? Double standard?
Take a look at this piece at Spiegel Online on how even Germany is violating its own austerity measures,
SPIEGEL reports this week that the German government didn’t reach even half of its planned savings in the federal budget. Only 42 percent of the spending cuts named by Merkel’s coalition government, comprised of the conservative Christian Democrats and the business-friendly Free Democratic Party, were actually not implemented…
This lapse is particularly embarrassing for the German government because the news comes just after 25 European Union member states agreed in early March to an international fiscal pact obliging them to adhere to greater fiscal discipline. The pact also calls for the creation of balanced budget initiatives modelled on Germany’s debt brake legislation that would be enforced by the EU’s court, the European Court of Justice in Luxembourg.
(click here if chart is not observable)