I'm not sure, in terms of the current economic meltdown, that there is such a thing as Germany, or Spain.  Yes, there are political entities, but they certainly are not unified. Point being, we are very likely not in a position to know what's actually happening here...

... though we may well be in position to judge the coming, lasting effects.

I don't get a sense that there's anything political about this, even though I don't understand enough to even have a sense.  Seems far more likely that we're seeing the leaking version of what's happening behind the scenes, as we enter Phase Whatever of the Great Meltdown.

I suspect this is more about the strategies of Deutsche Bank, Siemens, Daimler, FauVay and the rest of the German financial/industrial powerhouse trying to make sense of what they already see coming, not that they would let us in on it.  I would expect the Bundesbank to be a tool of those in power, and suspect that this has little to do with government.

Or, certainly not a government that has any inclination to be about the lives of normal people.

I would sense this is more about Santander et. al. putting Ackermann et. al. up against a wall, and the old guard reacting (knowing full well their own weakness with respect to solvency.)  i sense masters of the universe are using old-world tactics, all they know, to fight for position. They certainly know the reality, or else banks would still be lending to each other.

But then, me know nothing, actually, especially with regard to the flaying of the dying dinosaurs as the world melts.  What i do know, not really, is that it's likely to get worser before it gets besserer.

"Life shrinks or expands in proportion to one's courage." - Anaïs Nin