The Four Horsemen of the Acropolis

An Old Battlefront Returns in War on Euro


By Michaela Schiessl

In 1998, four renegade German professors tried to stop the introduction of the euro with a legal challenge in Germany's highest court. Now, 12 years later, they are fighting against a German bailout for Greece -- and this time around, people are listening to them.


Wilhelm Hankel is sitting on the stage at a meeting of the Kiel Institute for the World Economy. He is beaming with joy. The 81-year-old professor has just explained why the euro has always been a monstrosity, and why it will and must fail. Although the current plans to "get a living corpse to walk" are touching, he scoffed, one thing is already clear: The euro bailout package will only save the banks.

Surprisingly enough, his presentation was met with long and enthusiastic applause from his audience of economists. For Hankel, it was about time. The recalcitrant professor has been waiting for what has seemed like an eternity for this recognition. Since Jan. 12, 1998, to be precise.

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