Germany Climbs off Its High Horse...

After angrily denouncing fellow Euro nations who exceed spending limits and monetary policy agreements, Germany is realizing that it has no better option than to help Spain as well as Greece.

• After meeting here with Mr. Strauss-Kahn, Chancellor Angela Merkel of Germany seemed to find a new sense of urgency in dealing with the crisis. “It’s completely clear that the negotiations by the Greek government with the European Commission and the I.M.F. must now be accelerated,” she said. “Germany will do its part to safeguard the euro as a whole.”

It may feel good and be good populist politics at home to angrily denounce Spain and Greece, but if those countries default, Germany loses not only its big investments in both country's debt, but it's place as the financial power and leader of the EU. Germany and France lead the charge to ease that financial rules that restrict individual EU nations were "supposed" to follow per the agreements that created the Euro. The chickens have come home to roost and Germany has no better option that aiding Spain as well as France. Welcome to the world of a real world power, Germany. Not many easy choices, even fewer popular ones.
- posted by john @ 7:30 PM