5/19/12, "Europe finally awakes from its utopian dream," UK Telegraph, Janet Daley
"Let’s say this again, just in case a single sentient being on the planet has missed it: Germany cannot simply decide to bail Greece (or Spain, or Italy, etc) out of its debts. OK? However much Angela Merkel is nagged, berated, bullied and patronised by Barack Obama, David Cameron, or the BBC/Guardian axis that regard the preservation of the euro project as critical to their own interests, she cannot just revoke, in a unilateral act, the rules of German government or of the Bundesbank....
In truth, if Mrs Merkel’s reluctance to churn out euros on the Bundesbank printing presses is based on anything other than the straightforward illegality of such a step in German terms, it is probably rooted in more recent associations than Weimar. East Germany is the spectre that hovers over this debacle: the Soviet model of a phoney currency that is manufactured to meet political requirements and which – at the point of national collapse – may simply be exchanged, as the Ostmark was, at an arbitrary nonsense rate in order to avoid pauperising an entire people. That is where Mrs Merkel (and the rest of us) might well see the euro heading if the “decisive action” merchants get their way: not just toward dangerously inflationary levels, but to the status of a fictional currency that can be expanded at will to prop up an ideological delusion." via Lucianne