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AP: Germany is seen as a model for other countries. Unemployment is low, and Germans never borrowed too much. You have a different view of this.
Holzhausen: Our performance looks good, but only in comparison to other European countries.
Private investment is very low. Most companies are overly dependent on banks, and banks are reluctant to (lend). The market for equity and bonds for small and medium-size companies has not taken off. People are looking for safer assets. There is a lack of capital.
We didn’t pile on risk (before the financial crisis), so we avoided the slump. But looking forward, if Germany is the new normal you have to settle on much more meager results and performance in the long run.
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