I said so a few days ago, and events of the last few days have confirmed my earlier opinion.

This is what has gone wrong in Greece, and I suspect, in the other PIIGS nations;

Germany could, maybe, perhaps, still come to the rescue by funding more bailouts and propping up the European Central Bank as it prints more money.

But the present government, Angela Merkel included, know they will be booted out at the earliest opportunity if they take that course.

Politicians may take action that will result in their losing the next election if they believe strongly enough it is the right thing to do.

German politicians are not that convinced. They have an obligation to their own country which will outweigh their obligation to a vision of a united Europe which most Germans do not share anyway.

It’s finished, Angela. Just give it up. Rip off the band aid and get the pain over.