After having bashed Frau Merkel for jumping on the anti-CDS Bandwagon I have to tip my hat to her for having crafted an extremely clever response to the Greece problem.
In one fell swoop she has given notice to Greece and any other "Euro" nation which is in financial difficulty: If you are in trouble you must first trudge on with painful austerity measures and only if you are unable to finance yourself in the international market will any support be forthcoming. Germans will no longer "pay" unconditionally and the IMF's role is kept to a minimum, but is still held in abeyance....
Perhaps another step to a federal Europe.
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