[tsotha]

>Germany is looking to create a rules-based system that every country follows and is accountable to, like they were supposed to when the Eurozone was created.

Right, but they're running up against a very fundamental problem: There isn't any mechanism to enforce the rules. The worse the Greeks (and others) behave the more money the Germans are expected to provide to clean up the mess in return for "This is really the last time I promise" kind of assurances.

Of course what Merkel wants is a kind of United States of Europe, where everybody surrenders enough sovereignty this sort of thing can't happen. But will the other countries go along? Paint me very skeptical.