Only Germany can save Europe from this insanity. For the moment, Merkel et al are holding firm against the lunatic calls for money-printing, and I am impressed.
However, she is politically weakening internally (stuff the Franco-German alliance – if Hollande wants to bankrupt France, that’s his problem), so how long this can go on is unclear. What IS clear is that if Germany KEEPS to this policy the euro will collapse.
It is equally clear that if this happens:
A) The exiting countries will relatively soon get back on their feet. (see Argentina in the 90s)
B) Germany will have to take a lot of mud-slinging, including the usual Nazi accusations.
C) The power of the EU elite will be much reduced THANK GOD and we will concentrate more on the FREE MARKET stuff which is the ONLY THING that the UK in particular signed up to.
D) Germany will power on regardless as it always has since the war.
E) A much-needed dose of reality will wash over Europe as we confront the masssive issues looming up on the horizon.