To which is now added the $125 billion for bailing out Spain. But as Greece and others have shown: the bailout to solve the problem proves insufficient and is followed by more bailouts. And then there’s Italy.
And yet, the German-language media scream about the expense of abandoning the euro. They call it the crazy option of returning to the D-Mark and warn of gigantic losses. But the very fact these discussions appear in established newspapers moves the option a step closer to reality.