Spain must submit to Merkel's austerity

Spain would do well to submit to the austerity policy dictated by Germany, writes the conservative daily ABC: "Europe has banned Keynes by decree and the opponents of austerity are pulling long faces. Like Margaret Thatcher 30 years ago, Angela Merkel has imposed her austerity fundamentalism on that wasteful gene of social democracy that always finds an excuse to spend more: in times of plenty because money abounds and in times of recession to stimulate growth. But the German chancellor is a cautious woman who has been brought up to fear the inflation her nation incubated during the times of the Weimar Republic, the precursor to National Socialism. And the creed of her leadership is implacable: first balance the budget and then we'll see. ... Spain would do well to adapt to this policy; besides, it has no choice. Reforms or bankruptcy: there is no other option. ... Only the economy that keeps the Europe engine running, or in other words Germany, can set the course. ... He who pays the piper calls the tune. Perhaps there's a plan B, but it won't be executed until plan A has been accomplished."

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