somehow I guess Germany would think twice before insisting on the path of doom should a country like France or Italy make a credible exit threat.

Eggzackly! It calls their bluff, basically, and would force them to reveal why they really want the status quo to continue, as the journalistic pressure steps up.

Been believing -and saying- this for years here.

Greece had zero heft. Italy needs to do it soon, or the state of the nation will be so parlous that it will be an even bigger mess, whether in or out of the Euro.

It's either bleed to death or make one last effort before all strength to do so is gone...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty