Credit Matters: A European Bond Market Christmas Carol

The Deutschmark was dead. There was no doubt about that. Dead as a door-nail. Angela Merkel knew it was dead. Of course she did. How could it be otherwise? They were partners for many years but she had buried it in 2002 and was not so dreadfully cut up by the sad event. So just to be clear on the matter, the Deutschmark was dead. This must be distinctly understood.