Chancellor Friedrich Merz has admitted that Germany has been 'living beyond its means for years' with experts now warning that the country could face ruin without economic reforms. The conservative German leader has caused uproar after declaring that the country could no longer afford the cost of its pensions system, which has soared to more than 31 per cent of GDP - one of the highest levels in Europe. Merz also warned of a 'profound epochal break' and the need for 'painful' austerity measures to guarantee that young Germans would have any future prospects. Economic adviser Marcel Fratzscher, who also...