First there was Greece. That occupied the Euro Zone last year in 2010 and early this year. Nothing else seemed to be going on, and Greece was a Balkan country. You couldn’t expect much from one.

Then it became all the pigs, Ireland, Portugal, Spain, and Greece. That was still somewhat manageable, though Spain has the fourth largest economy in the Euro Zone. They were still southern European countries. People thought the Euro Zone could still pull it off.

Contagion spread. Italy was affected as well as Italian bonds. Many an American mutual fund specializing in bonds contains Italian bonds.Italy is the third largest economy in the Euro Zone, and for once they couldn’t bail her out.

But then last week the unthinkable happened. Rrating’s firms turned a suspicious eye on France’s three star credit rating. They also wondered openly about its banks. Can contagion spread this far this fast? France is after all the second biggest economy in Europe.

Only Germany is left. Can she stand alone? Can Merkel think of a way to save the Euro Zone? With Germany taxpayers in an ugly mood, I wonder.