Merkel said to Greece, “Do what we ask, or you’re out!” She would never dream of saying this to Italy. Likewise, when the European finance ministers met in Brussels on Monday, one of the things they were doing was trying to cultivate China as a way to sell Italian bonds. They would never put themselves out for Greek bonds. Italy is at the center of Europe. There would be no Europe without Greece. Italy just isn’t that important. It’s a Balkan state, on the fringe.
Likewise no one in Germany would ask Russia to buy bonds. Like China, Russia has lots of cash. But unlike China, no one would trust Russia. Besides, the Euro Zone is a German show. Russia would be rigidly excluded. Nor would Russia want to participate in the new kind of German empire with expansionist ambitions.
An interesting P.S. Is provided by TUI, a travel agency. It asked Greek hotels to accept payment in the new Greek currency next year if they drop out of the Euro Zone. The Greeks were offended. No one would ask Italy such a question. And no one would even talk to Russia.