Distinction in travel journalism
Is independent travel journalism important to you?
Click here to keep it independent

16 Oct, 2013

European ‘shadow state’ faces growing resistance – DW.DE

Which cruel ruler is continually forcing new rounds of austerity measures on the Greeks? And which dark power managed to break the resistance of Cypriots in just a few days? The answer is not Germany. It is the eurozone’s shadow state.

It sounds like something from science fiction or fantasy, the Star Wars saga or Lord of the Rings. But the term “shadow state” in reference to the euro crisis does not come from a conspiracy theorist, but rather a well-known economist: senior Deutsche Bank advisor Thomas Mayer.

“Within this euro shadow state is a shadow government, the European Council,” Mayer said at a recent lecture at the Academy for Civic Education in Tutzing, southern Germany. “There’s a shadow executive, the Eurogroup. And there’s a task force to implement discipline that was grossly infringed upon. That’s the troika.”

Read the rest: European ‘shadow state’ faces growing resistance | Europe | DW.DE | 06.04.2013.