Updating germany

Children learn at an early age the virtues of savings by participating in World Savings Day, which is usually observed on the last business day of October.

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He furthermore emphasized that Greece’s economy has contracted by 25 percent since 2008.

In Europe, French President Francois Hollande has also been putting pressure on the German government to loosen the strict conditions imposed on EU member states in crisis.

Higher education, moreover, is free or close to free in Germany, so the kinds of debt American students take on is virtually unthinkable.

Before immigrating to the United States, I remember getting caught up in conversations with Americans who could not believe that I was actually debt free.

Given all these cultural reinforcements, the value of austerity is firmly enshrined in contemporary German society. Household savings of disposable income are roughly 10 percent in Germany — more than twice as much as in the United States.

The use of credit cards or layaway purchases is reduced to a minimum.

The latest showdown in the European Union features the election of the very first anti-austerity government in Greece, cold disillusionment among the EU’s political elite, and the prospect of a broken promise, which could push financial markets into a tailspin in the near future.

Last month’s electoral victory by Greece’s left-wing Syriza party, which was driven by the promise of non-adherence to the harsh austerity conditions imposed on the country, threatens a 0-billion rescue package that Greece needs to stay solvent.

This is despite running not only a budget surplus but, in the first half of last year, the biggest budget surplus since its reunification in 1990.

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