As the current crisis is showing, markets are showing at least some unwillingness to finance public spending (in some places). That door being closed, you can either go the political route by printing money, or the political route by raising taxes.
Raising taxes is compatible with German neuroses. Wind power
Here, the stabilization fund has similarly come at a time when it was the supposed alternative to some kind of collapse, but it's been sold as a sign of duty (to the European ideal) rather than a vital interest, and the (much more certain) profitability of the loans has been underplayed.
And note that in the two cases, the interests of the financial world are radically opposite - in the case of the bank bailout, the markets had no interest to continue to cause unrest; here there is the obvious benefit of cost cutting across the board, lower wages, pensions etc, and the added bonus of bringing down to size the European social model.
Collapsing GDP in one country is unlikely to touch the citizens of another that much, unfortunately. Wind power
