A welcome spell of stormy weather

摘要

It is not hard to become depressed by the state of the German economy. Growth has been sluggish for years, and although business confidence is perking up, economic activity is likely to stay weak for a while yet. This week, despite rising unemployment and inflation of only 1.8%, the country's biggest industrial union, IG Metall, held short "warning strikes" in support of a 6.5% pay claim. As if this were not gloomy enough, two of the biggest names in German business are on their knees. On March 21st Philipp Holzmann, a construction company that twice helped build the Reichstag, filed for bankruptcy. A few days later, as The Economist went to press, Leo Kirch, founder of a debt-laden media empire, was on the verge of giving up control of KirchMedia, his core company, to a group of foreign investors, including Rupert Murdoch. Bankruptcy seemed the only alternative. Hard-hatted Holzmann workers took to the streets; at Mr Kirch's headquarters in Munich, there have been tears in the corridors.