Help us Obi Wan Merkel. You are our only hope.

[TalkingDog]

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8648418/Only-Germany-can-save-EMU-as-contagion-turns-systemic.html

Only Germany can save EMU as contagion turns systemic
Europe's leaders have finally run out of time. If they fail to agree on some form of debt pooling and shared fiscal destiny at Thursday's emergency summit, they risk a full-fledged run on South Europe's bond markets and a disorderly collapse of monetary union.

snip

Jens Weidmann, the Bundesbank's president, has made her task that much harder by telling the eurosceptic Bild Zeitung that "nothing would destroy the incentives for a solid budget policy more quickly and more permanently than joint liability for national debts. European and especially German taxpayers would have to answer for the entire state debt of Greece. That would be a step toward a transfer union."


Doesn't look good for the Federation.... ummmm European Union....