Germany concerned about its own public finances

Until just recently, Germany was more indebted than Spain. The country was the first, along with France, to breach the Maastricht Treaty's 3% hurdle for annual deficits in 2005, prompting a change in the rules. And Germany has also been in violation the Maastricht Treaty’s stability and growth pact provision on government debt to GDP. In sum, the German government's macro financials are not significantly better than those of other major European countries like France and Spain.
The biggest difference between Germany and France or Spain is in unit labour cost changes over the last decade, which has made Germany an export juggernaut within the euro zone as well as outside of the EZ. The German citizenry has borne these costs via low wage growth and even lost purchasing power. Naturally then...

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