The findings of a recent European Central Bank report into household wealth have inflamed public opinion in Germany. In 2010, the average net wealth of German households – all assets minus all liabilities – stood at €195,000 (£168,000). In the southern member states, the figures were surprisingly high: €291,000 in Spain, €275,000 in Italy, €153,000 in Portugal, €148,000 in Greece and, wait for it, €671,000 in Cyprus. It makes it look as if the German people have been asked to rescue southerners who are often richer than their rescuers. "The poverty lie", says the front page of this week's Der Spiegel. Are German citizens right to be annoyed? The answer is yes, but they have chosen the wrong target. By, Costas Lapavitsas.