Angelical friday

Photo taken at the underground station of Kings Cross-St. Pancras in London on July 11, 2013 at 12:21 hours.

Germany is saving Europe.

It has spent €100 billion bankrolling bailouts in Greece, Ireland, Portugal, Spain and Cyprus.

It can afford these rescues only because Germans work so hard: per head, Germany has grown at more than twice the rate of the rest of the euro zone since the euro was created.

Slow-growing countries are reforming their sclerotic economies largely because of pressure from Germany.