Usually when discussing the European crises it is common to hear blame laid upon Spain, Greece, Italy and other countries with large trade deficits and fiscal deficits. A great deal of blame, however, lies with a surprising culprit, Germany.
Massive debt has Spain cornered, with no cash haven to retreat to as Germany and other euro nations demand stringent austerity measures in exchange for a sovereign bailout for the eurozone’s fourth biggest economy.
France and Greece have shown clearly how the public reacts to “austerity”. The maniacal targeting of the poor and total disregard for public welfare in Greece has demolished the two main parties there. France has answered austerity with venom.
France has been warned its credit rating may be cut in the future, meaning borrowing costs may increase as a result. Austria and the UK have also been warned while Italy, Spain and Portugal's ratings have been lowered.