Eurozone crisis: The people have become a nuisance

24 April 2012 – Frankfurter Rundschau (Frankfurt)

A spectre is stalking the financial markets: what if the army of unemployed and poor no longer rubber-stamp the policies of the powerful? No wonder neither politicians nor business leaders want to risk too much democracy.

The euro crisis is dormant; the trillion loan from the European Central Bank has calmed the waters. A new threat to the financial markets, though, has been spotted: democracy. “The French and Greek elections as well as the referendum in Ireland are sparking concerns among investors, businesses and consumers,” says Elga Bartsch of the U.S. investment bank Morgan Stanley.

The euro countries are asking for huge sacrifices from their people. To bolster financial markets’ confidence in their creditworthiness they are laying off hundreds of thousands of state employees, increasing taxes, slashing state funding and rolling back pensions.

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Translated from the German by Anton Baer

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