The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

German Chancellor Angela Merkel conducts a lecture, after writing her name on a board, at a classroom in Heinrich Schliemann Gymnasium, a secondary school in Berlin, August 13, 2013. Merkel delivered a lecture to a 12th grade class on the building of the Berlin Wall in August 1961.
German Chancellor Angela Merkel conducts a lecture, after writing her name on a board, at a classroom in Heinrich Schliemann Gymnasium, a secondary school in Berlin, August 13, 2013. Merkel delivered a lecture to a 12th grade class on the building of the Berlin Wall in August 1961.
(Odd Andersen/Reuters)

CARL MORTISHED

Reluctant Germany cast in role of Europe’s saviour

ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.

The summer’s almost over and, in the Mediterranean, hoteliers will begin to add up this year’s takings. In Greece, the reckoning is more important than usual. Prices were cut to entice northern Europeans, and although business on Aegean beaches has by all accounts been brisk, it may not be enough to keep the financial wolves at bay. Germany’s central bank reckons that Greece will be begging for a new aid package in the Autumn and, by the way, the Bundesbank believes that the last tranche of aid, a €5.7-billion ($7.8-billion) lump paid in July, was only paid under political pressure.