In my view action such as this by ratings agencies and the bond market will eventually be the major tool in forcing Germany to think again about treaty change and direct government financing by the ECB.
In truth that is the only realistic way to solve this crisis and get Europe’s economy working again.
Yes, I suspect you are not alone in this Logan.
I rather suspect the USA and UK dearly wish that the ECB bends to quantitative easing, so that they don’t stand alone in having sucumbed and in fact having ONLY had that as their sole answer.
Am all for Germany trying to prove their point, and frankly I think we have a bloody liberty trying to dictate and force Germany to our view. We should have taken a leaf out of their book and should be using their model as our own, not the other way around.
We screwed up. Not the Germans, us and the USA, we caused this huge mess. And because we control the markets it suits us to ensure a Eurozone crisis is created to deflect our transatlantic failings.
We get what we deserve, I don’t think the Germans deserve what they are getting.