The Euro digested this kick in the stomach and even survived another one in the groin, this time ratcheting inflation being the cause without pain so far. Eurostat's flash estimate for inflation shot up to 1.5% in March from 0.9% a month earlier.
As if that were not enough, Germany reported an unprecedented 2009 record budget deficit of €105.5 billion on 6.7% higher expenses of €1.12 billion. In 2008 the deficit was a mere €5.2 billion.
It appears highly unlikely that Germany will manage to stay within the planned €80 billion deficit in 2010. None of the problems - rising social expenses, slashed tax receipts - has been solved neither in Germany nor the rest of the Eurozone.
GRAPH: The Euro is on the way to a new 1-year low against the US dollar for very fundamental reasons that have yet to be tackled on the old continent.Media attention immediately switched from the Greek tragedy to Ireland