Lingering worries

The German government can breathe a sigh of relief. The strongest member state in the European Union has shown conviction and the ability to act; even the opposition - with the exception of the Left party - voted clearly in favor of enlarging the euro rescue fund which has been a topic of much contention.

All success aside, however, there remains an uneasy feeling after this Bundestag vote, manifested in the fears and worries of the German people. Since the first rescue package for Greece was approved last year, an atmosphere of discontent has lingered over Europe. Since then, we have seen one rescue package after another pushed through.

Ever greater sums are being called for in a bid to gain control of the currency crisis that is galloping away from eurozone leaders. And the bailouts, for Greece in particular, seem not to be working. The Greek economy has been cast into an unprecedented recession as a reaction to the austerity measures connected with the EU/IMF bailout.

Similar developments threaten in other southern European countries that have shown dubious economic data, and social unrest in these areas can no longer be prevented.

Repercussions in Germany

The ramifications of the debt crisis are not limited to the "poorer" countries in the eurozone. In Germany, the EU's strongest economic force, the notion of throwing money into a bottomless pit - from which only the banking system ultimately profits - is becoming increasingly unpopular.

Here, too, money is lacking for adequate education, infrastructure, and for the preservation of the social welfare state. For years, German workers have been aware of stagnant or even sinking incomes and disappearing job security. At the same time, however, the cost of living has steadily gone up.

Chief economists such as Peter Bofinger, of the German Council of Economic Advisers, and Heiner Flassbeck, of the United Nations Conference on Trade and Development, warn that the German government's austerity measures will choke off growth and only worsen the crisis.

Nonetheless, the Bundestag has once again voted to increase the euro rescue fund. From a political standpoint, Merkel and her Finance Minister Wolfgang Schäuble have every right to be satisfied and relieved.

The German people, on the other hand, have every right to be worried. Doubts have already surfaced over whether even this bailout package, meant to withstand the eurozone's troubles until 2013, will be able to provide sustainable stability.

Germans and Europeans alike are being forced to peer into an uncertain future ridden with worry. You can't erase that with the conviction of the German Bundestag on this dramatic day.

Author: Bettina Marx / glb
Editor: Martin Kuebler