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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: Hawkmoon5/7/2010 12:55:45 AM
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Interesting read on German PM Merkel and the elections coming up in a key state in Germany on the 9th:

businessspectator.com.au

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Merkel knew how deeply unpopular Germany’s engagement in Greece would be. Her situation was not helped by the fact that there will be an election in Germany’s most populous state of North Rhine-Westphalia (NRW) on May 9. Her party currently holds this key state. Losing it would tip the balance in the upper house and consign Merkel to virtual impotence for the remainder of the electoral term.....

.....The situation facing Merkel today is completely different. Public opinion has turned 180 degrees. Polls show that vast majorities of between 80 and 90 per cent of the Germans reject any taxpayer involvement in the Greek crisis. But since Merkel did not succeed in holding off the rescue package until after the state election, her party is bracing for a massive backlash. Voters are furious about the prospect of paying up to €40 billion for Greece’s decades-long mistakes, and they will vent their anger at the polls.

Just as Angela Merkel had to learn the hard way that she cannot win elections by promising reforms, she is now learning that she will lose elections by being too pro-European. The state election may turn out to be traumatic to her in this respect. It will also have an impact on Germany’s future role in Europe.

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Hawk
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