We continue to close in on something approaching an endgame.
The ‘solutions’ are now known.
But who pays? Who is the back-stop?
Germany – and lets be fair – has done the math & it made its position clear – it can’t do it alone.
But asking the non-Europena world to make the difference?
Might be right. But seriously tough call.
Budget austerity and measures to promote growth in Europe remain the twin pillars of stemming the crisis right now, Merkel said.
Her message that Germany can’t shoulder the burden alone is aimed at “all those in Los Cabos will be looking to Germany, who are expecting the ‘big bang’ and the solution from Germany – – such as euro bonds, stability funds, European deposit- insurance funds, additional billions and much more,” she said.
“All resources, all measures, all packages will end up being smoke and mirrors if it becomes clear in the end that they extend beyond Germany’s capacity,” she said.