27% of Germans Want To Exit Euro And Return To Deutschmark

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The anti-euro sentiment seems to be rising in Germany and that poses a direct threat to Angela Merkel’s re-election campaign.

27% of Germans Want To Exit Euro And Return To Deutschmark

According to a poll conducted by Forsa Institute on behalf of the German newspaper Handelsblatt, over 27 percent of the German population wants the Europe’s largest economy to come out of the euro.

However, about 70 percent of Germans still back the single currency despite the ongoing debt crisis that has crippled the region. Last year, only 50 percent of respondents favored the euro, reports The TelegraphGermans took pride in Deutschmark that was seen as a symbol of their economic success and as a guarantor of financial stability.

Many economists and politicians called Germany the “sick man of Europe” when euro came into existence. The country was marred by high unemployment rates and low growth rate, but now Germany’s economy is much sounder than any other European country, and the unemployment rate is relatively low at 7.2 percent.

Forsa chief Manfred Guellner said that German people are scared of the Eurozone crisis, but its effect on their attitude towards the common currency is alleviating. The euro received the strongest support from Green party voters and wealthy individuals as 88 percent of them backed the single currency.

The anti-euro sentiment is rising in Germany according to an opinion poll conducted last month showed that 25 percent of Germans are ready to vote a party that wants Germany to come out of the euro. Alternative for Germany, a newly formed party carrying the same agenda, is doing everything to woo these 25 percent voters.

Founder of the Alternative for Germany, Bernard Lucke said that the single currency is dividing the European countries as it puts heavy economic burden on participating countries. Bernard believes that many of Angela Merkel supporters would vote for his party in the September’s federal election.

The party is supported by several top economists and industrialists of Germany.

That’s the cause of worry for Angela Merkel. She doesn’t want to lose her conservative voters to a new party. That’s why German government forced Cyprus to tax the bank deposits. Merkel wanted to assure those voters that she no longer supports bailing out another “lazy southern European country” with the taxpayers’ money.

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Vikas Shukla
Vikas Shukla has a strong interest in business, finance, and technology. He writes regularly on these topics. - He can be contacted by email at vshukla@valuewalk.com