German Courts put Merkel in the political mincer
The German Courts have decided that Greek, Italian and Spanish Governments can be paid vast sums by the German economy in Euro bail out attempts.
This places great pressure on Merkel because the German taxpayers are overwhelmingly against any further subsidies to profligate southern Euro Members.
Against that, the European Central Bank has announced that it will buy up all Euro debts and the country that is expected to pay the bills is Germany.
The last time the ECB made this kind of open ended commitment was at the time when Eurocrats were denying that there was anything wrong in Greece. Only time will tell whether the Greeks lied to the Eurocrats and the ECB, or whether those bodies already knew the full extent of the Greek economic crisis. However, what happened was that money was sluiced into Greece but the crisis continued to develop until eventually the Eurocrats could no longer hide the full extent of the Greek crisis. Then the bailouts started with draconian terms accepted by a Greek Government that clearly had no intention of honouring its commitments.
The Greeks now enter the next three stages of demanding enormous future bailouts that are dwarfed by what is required for Spain and Italy. German voters can now watched as Merkel is pressured to transfer German assets to buy EuroZone junk bonds without any limit.