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I'm not an economist, nor do I play one on TV, but I think the it's likely to be explained by the following factors: Germany didn't have a housing bubble, whereas the US did. Property in Germany grew at or around the rate of inflation, so there was less damage to household finances. Germany...

The sovereign debt problems in the USA, Spain, Portugal and Ireland were caused by their governments backstopping the financial system or keeping the economy from melting down due to the financial crisis. For example, the Irish national debt rose from something like 25% of GDP to 90% of GDP when...