And so the €Trillion bailout funded by die Deutsche Volk will need real collateral - basically the PIIGS governments will go into Receivership if they don't follow through. Which, of course, they won't.
And so the really interesting question is whether the Germans will take over Southern Europe or not. Chancellor Merkel almost certainly won't, which everyone knows, and is a further blow to the credibility of EU bailout efforts. So what would inject some desperately needed credibility?
But there's no doubt that if someone else of his ilk rides a wave of German discontent to the office of Chancellor, the EU may come to deeply regret trying another "temporary" clever way to inject some short term credibility into the process. An actual strong German Chancellor with the deeds to the Southern European governments might be tempted to do something with them.
As I wrote a year ago:
The subsidies required to defer a financial collapse and default are the better part of a Trillion dollars, just for Greece. Guess who pays?And so, no appeal to the European populations are to be allowed by the elites. Even though it's probably the only way to inject any credibility into their Continental pipe dream. And so, step by too-clever-by-half step, they are leading Europe to the tipping point, where German nationalism finds itself provoked once too often.
You simply cannot look at this situation without a voice in the back of your head whispering die deutsche volk. Nationalism horrifies the elites, but nationalism feeds on an external enemy (or irritation), and the German people have every right to be steamed right now. One of the two key differences between Transnational Progressivism and Fascism is creaking.
Funny, I think I saw a movie about this. Something about financial crises compounded by weak leadership throughout Western Europe. Oh well - probably it was no big deal.