he crucial question is which way the States looking out of debt. The variants which are currently under discussion, would primarily affect the following groups:
German taxpayers
They are especially affected if the debts are communitarised - for example via euro bonds - or if Germany is pumping too much money into the rescue EFSF and ESM. That makes the state budget at the latest when the federal government must pay higher interest rates. Or when an indebted country goes into bankruptcy and Germany loses his borrowed money. Today are the public authorities of Greece's biggest creditor.
In the event of bankruptcy of the German state would be even a part of the debt, the other people actually wear - for example banks. Because they are considered "systemically important" apply, they have been in the past, often rescued by the states. If they are not already owned by the state. Commerzbank, which had to write because of their Greek bonds about 2.2 billion euros, is still 25 percent owned by the Federal Republic. Even the bathroom nationalized bank HRE had lost with Greek government bonds 2011, around 8.9 billion euros. Ultimately, therefore, the debt come back on to the taxpayers.
The rich German
It is not said that the stresses in the state budget will be borne by all taxpayers. Many want that in this case the rich should pay more. But while many people often are considered "rich", who think nothing of themselves. One possible way would be a forced loan, which has called the German Institute for Economic Research recently. Here, citizens are obliged, with assets of over 250,000 euros to buy German government bonds. Could be about 230 billion euros to Germany on loan from his involuntary creditors in this way, experts have calculated.
By the way: Who has to invest primarily in real estate and stocks comes with inflation still not necessarily them. Historically stood at the end of a great period of inflation is often a so-called "load balancing", in which the less-affected owners of real assets were taxed heavily.
Wealthy Spaniards and Italians
Instead of 'subsidizing Spanish or Italian debt by German forced loans, Spain and Italy could fall into the pockets of their own rich citizens. Because their property is quite large. On the one hand, the Italian State currently has debt of 1960 billion euros, on the other hand, the Italians have a personal fortune of 3737 billion euros - which could be one or the other to extort € so. The situation is similar in Spain: Here a debt mountain of 775 billion euros compares with a personal wealth of 1.857 trillion euros.
Previously put the revenue from property taxes is not as much money in the coffers of the countries in crisis: Taxing the rich is in most states, less than 4 percent of gross domestic product - in Spain is around 1.9 percent, 2 percent in Italy. Since air seems still up. Higher property taxes could also have unintended effects: Who knows a lot of potential, usually as he smuggled abroad on tax evasion. At least as far as the income of the top earners, Spain has already forged ahead. Prime Minister Mariano Rajoy has raised the top tax rate from 45 percent to 52 percent. The French still pursue rigorous plans: President Hollande will unbutton the top earners of more than EUR 1 million annual income three quarters of their salary for State purposes.
All Europeans, if they have financial assets and life insurance
A popular method of over-indebted countries it was in the past, wegzuinflationieren the debt, so pay the debt with freshly printed money. Because more money is in circulation, it loses value. This is good for the borrowers, but bad for the creditors. Therefore, the voices become louder, urging a debt crisis of countries by inflation. Must pay the creditors who now get back less in real money - and indeed in the whole euro area. So far, however, inflation rates in most European countries remain below two percent - though critics say that inflation is currently taking place in assets such as real estate.
An inflation träfe not just people with big money accounts, but also people with pension funds and life insurance companies. Because they have their money in government bonds often - and their value vanishes with high inflation. The social consequences would be serious.
Especially the owners of pension funds and life insurance companies, however, would also be taken if the states would go bankrupt. Because then its indirectly owned government bonds would be worth less directly.