Der Spiegel is this weekend carrying a fascinating article speculating in some detail about what might happen if a Eurozone country needed to be bailed out by the other members. Peer Steinbrück, the German Finance Minister, who had some choice words about Gordon Brown's VAT cut and budget deficit in December, has spoken out again, this time saying that
"We have a few countries in the euro zone who are getting into difficulties with their payments."
He added that Ireland, especially, is currently in a "very difficult situation". Der Spiegel examines in some detail how and in what circumstances a Euro member could be bailed out.
But the really tough questions have not been asked - would the German public, at a time when they were themselves facing a deepening recession, countenance paying for a costly bailout of a country the size of Italy? Ireland maybe, but surely nothing larger. And if the German public have no appetite, then surely none other will?
