Monday, December 18, 2017

Falling out of love with the Euro: Half of Germans want return of Deutschmark

ALMOST half of all Germans want the country to ditch the euro and reinstate the Deutschmark.A survey commissioned by the newspaper Bild has found that many Germans are unhappy with how the common European currency has worked out for them. They long for the days when the mark was one of the world’s most stable and strong currencies. Bild commissioned a survey by Cologne's YouGov-Institute that found 49 percent of Germans want the Deutschmark back. Only 41 percent of those surveyed wanted to stay with the euro – often nicknamed the “Teuro” after the German word teuer, meaning expensive.As well as nostalgia for a return to the building block of the nation’s postwar economic miracle, many Germans are worried about the stability of the euro and the possibility of inflation. Nearly 77 percent of the 1,068 people quizzed said they had not profited from the adoption of the euro. And a massive 60 per cent said they would vote against having it if it was to be introduced today compared with 30 per cent who would opt for it. But despite concerns, most voters say they are resigned to keeping it and believe it will be still be around in 20 years.Germany switched to the common currency in 1999 along with 10 other countries. Greece – whose monetary woes have been largely behind German disillusionment with the euro – adopted it in 2001. Slovenia, Cyprus, Malta and Slovakia have joined since and on January 1, Estonia will become the 17th member of the eurozone.

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