Hope persists that Germany would not only bail out Spain and the rest of the Eurozone but would also tolerate the Fed-ization of the European Central Bank.Even Treasury Secretary Tim Geithner was hounding German Finance Minister Wolfgang Schäuble, who was on vacation like the rest of Europe.

And yet, Deutsche Bank, Germany’s de-facto vice-ministry of finance whose CEO serves as éminence grise behind elected officials and bureaucrats alike, well, that venerable institution at the core of Germany Inc. appears to be closing the book on Spain.

And it’s Spain everyone is worried about. Not Greece. Which appears to have become a fait accompli. Even with Geithner. After his meetings with Schäuble and ECB President Mario Draghi, Geithner called Spanish Economy Minister Luis de Guindos.