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As we know, the crisis will be resolved when France (or, possibly, Italy) tells the Germans - either you pay or you treat us as second zone Europeans and you will have killed Europe and we'll all call you nazis, and the Germans will blink - or not, but of course they'll blink.

France definitely has what it takes to put the gun to Germany's head that way (which will have a price as well, even if successful); it looks like Italy could succeed too as Germany doesn't seem to want a Europe without them - and thankfully that would not involve the same kind of nasty brinkmanship and collateral damage that the French solution will entail.

We know how well that worked out last time (and I'm not referring to de Gaulle and the Empty Chair Crisis, but to May 2010).

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Sat Feb 18th, 2012 at 05:07:56 PM EST
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