Germany Comes Through In Brokering Greek Relief Package

Der Spiegle reported on the deal reached early in the morning by European leaders. It is similar to the NYT report below. The major difference is that the German Chancellor is praised for her leadership. She had to sell the plan to her coalition as well as to other European leaders. Many had believed that she had been acting too cautiously prior to the summit meeting by focusing too much on internal politics. She did what she had to do internally to get the job done. The euro is very important to Germany. Its export based economy benefits from a stable euro. Given Germany's trade surplus a national currency would have appreciated in value relative to that of its trading partners and made German exports more expensive.