Less charitably, if Deutsche Bank keels over by itself, then it will be politically impossible to bail them out.

But if the blame can be pinned on a "Club Med" default, then it becomes politically palatable to bail out Deutsche Bank.

In fact, the loans made to Greece on condition of abject austerity are a bailout of Greece's foreign creditors, first and foremost, using IMF and EU money.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan