I think your comments are very much in line with Flosmichael’s and I really couldn’t disagree with them. It is a real dilema for eurozone members and is what is called the moral hazard.
It was a question of which country blinked first and Germany and its partners did.
I believe that this is going to be a very bumpy ride for the eurozone and also for that matter the UK because we face similar economic problems to the club med countries. The only difference is that the UK probably has a better record of delivering cuts and paying its taxes than say Greece or Spain
It will be interesting to see whether Greece et al will be able to carry out their promises particularly in the face of a possible backlash from their electorate. Conversely the german taxpayer may also make clear to their government that they are not prepared to support its policies of propping up profligate member states
The continuing turmoil in the world economy makes it very difficult to predict what affect it will have on all of us