The German economy has been nothing if not impressive. In the face of ugly economic circumstances across Europe, this country held fast to fiscal discipline while staying on track with exports. Hence, Germany ran budget surpluses for the last three years and has a cost of capital so low that its bond yields rival that of Japan.

Then, out of nowhere, comes a claim of corporate cheating that rocked iconic Volkswagen, the “People’s Car” company, maker of the famous Beetle.

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Tuesday, September 22, 2015

Merkel’s Next Big Headache: Volkswagen’s ‘Defeat Device’ / Companies / Germany

By: Raul_I_Meijer

Angela Merkel has another huge headache on her plate. She seems to attract those these days. And given how she’s been dealing with the last few migraines coming her way, perhaps she deserves them.

For now, it’s a story of one carmaker, Volkswagen. And in one country, the USA. A country in which the diesel engine is somewhat of an orphan, making up just a few percent of the total car market. But the “defeat device” scandal will not stop there.

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