Wolfgang Münchau thinks it may already be too late for Germany to rescue the pinnacle (the euro) of its entire post-Hitler project, (the European Union). It's not hard to see why Merkel has resisted essentially paying for the profligacy of her largely Southern neighbors:
The ZDF television poll released Friday found that 79 percent of respondents opposed eurobonds and only 15 percent backed them. It said 63 percent thought Merkel was doing a good job in the crisis and 29 percent disagreed. That figure has improved steadily since early October — when 45 percent thought she was doing a good job and 46 percent disagreed.
If Merkel is gaining by refusing to budge, then the odds of a successful, swift resolution – essentially a quantum leap in European financial governance – are small. Which means we may actually have passed the moment when this unraveling could have been raveled.
The Dish 