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Euro Breakup Might Shrink German GDP by 10%, Spiegel Says

Germany’s economy might shrink by as much as 10 percent in the year after a breakup of the euro, Der Spiegel reported, citing an unpublished study from the German Finance Ministry.

The number of jobless in Germany would rise to more than 5 million if the currency union falls apart, the magazine cited the study as saying in an article on its website today. Germany had 2.87 million unemployed in May, the Federal Labor Agency said on May 31.

The German Finance Ministry “won’t take part in speculation about alleged secret papers,” Silke Bruns, a ministry spokeswoman in Berlin, said by telephone today. She said she isn’t aware that such a study exists.

The numbers suggest that the cost of rescuing the euro is the lesser evil compared with a return to national currencies, according to a Finance Ministry official Der Spiegel didn’t identify by name.

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