Germany acts to defend its national interest. It acts like the first among equals. It has been a clear defender of the rights and prerogatives of creditors. What is needed is for Germany to act more like a hegemon. At times this requires the sacrifice of short-term interest for the sake of systemic and strategic needs.
Related: The eurozone is broken. Will Greece pay the price?
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Related: Europe is a mess. Should American investors buy now?
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