As posted previously, I am very cynical about the German moves of the past few weeks. They have not helped their fellow eurozone member at all; in fact quite the opposite.
However buried in here is bad news for the UK too. The bearish commentariat which passes for a financial press in the UK tried hard to look down on GDP numbers that were at 0.8% for Q3. The really good sign was that exports were finally picking up, giving the UK an out from trying to grow its already bloated services sector or increase Government spending.
So the really big downside to the Euroe crisis is the effect on the euro/£ exchange rate, which has been quite precipitous for the last month and shows now sign of abating. German exports are getting an Irish markdown at the moment making it harder for the UK to compete commercially in Europe. Throwing us back to square one again in terms fo battling our fiscal deficit....
These currency wars are very complex, are they not?