Merkel’s Right, Greece Should Act Like Bulgaria
This article is for subscribers only.
July 24 (Bloomberg) -- Earlier this month, GermanChancellor Angela Merkel cited Bulgaria as an exemplar of fiscalvirtue in its response to the financial crisis.
It isn’t every day that Bulgaria, still the poorest countryin the European Union, is held up as a role model. The only wayto understand Merkel’s praise was as a parable for her beliefthat countries that spend more than they earn have to go througha period of harsh austerity if they are to grow sustainably.