_ There’s been a media campaign by the German tabloid, Bild, portraying the Greeks as lazy and irresponsible. 76% of the German taxpayers are opposed to Eurobonds. Only 15% favor them. The interest rates on German bunds would go up if they issued Eurobonds. This would cost the German taxpayer billions per year. This is why the Germans want teeth in the laws if they take a risk and introduce Eurobonds. They want to be able to enforce good economic practices throughout the Euro Zone.

Merkel has no wiggle room on the issue of Eurobonds that are so popular with the French, the Italians, the Spanish, and everybody else in the Euro Zone. The two other parties in her coalition are totally opposed to them.

Nor do the Germans and Merkel want the ECB to become the banker of last resort. Not only does this violate the treaties, it reminds the Germans of the hyper-inflation of the 1920’s. This was one of the causes behind the rise of the Third Reich.