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I have no doubt that the political will is there within France and Germany to suppport the euro, However, how much monetary support is actually given will depend upon the perceived size of the problem. Germany will not take unneccessary risks with its own economy.
If they feel that the risk is relatively small they will fund it at the last minute. But if they feel the risks are high they won’t. Look at the example of the UK some years ago when the conservative government tried shadowing other major currencies in the ERM. They were prepared to increase interest rates into double digits to stay in but then realised the game was up and left with their tail between their legs.
It’s difficult to predict the outcome of this but I hope for our sakes that Germany does put its hand in its pocket and funds the Greek shortfall.
Amazingly quite a (rare) balanced report from Old Ambrose in the Telegraph.