By the looks of it, Germany is growing weary of playing constant paymaster to all the ailing countries in the eurozone.
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And the list of supplicants on Germany’s hands is growing ever longer: Greece in need of softer terms; Cyprus in need of a small but irksome bailout; Italy which may fall under the weight of its rising borrowing costs; and now Spain, with hands outstretched for 100 billion euros.
Merkel, speaking before tomorrow’s summit in Brussels, offers a veiled warning of Germany’s limits:
“I am not under any illusions, I expect controversial discussions in Brussels and once more, all eyes – or at least a lot of eyes – will be focused on Germany. But I repeat what I have already stated in this parliament on June 14. Germany is Europe’s economic engine and anchor of stability, but Germany’s strength is not infinite.”
Angus Campbell, Head of Market Analysis at Capital Spreads, says although Germany is reluctant to take the weight of the eurozone onto its shoulders, it’s been one of the largest beneficiaries of the induction of the euro:
“Germany obviously is having serious pressure put upon it by all its European counterparts. People realize that Germany has obviously benefitted substantially from the single currency over the years and now it is time for them to at least provide some kind of backstop.”
With Germany’s stated reluctance, the absence of the Greek Prime Minister, and the severity and urgency of the issues at hand, many think that the coming summit is unlikely to produce anything but more confusion and strife for the eurozone.