Not Grexit but Gexit. That is the German exit of the Euro. In a comment on Greek radio today Professor Yannis Varoufakis (probably the sanest voice on the Euro Crisis) stated his opinion that the German Bundesbank’s comment on levies and so on is part of an underlying policy of wishing to exit the Eurozone.
In addition he also explains German wishy washiness (my description) over the Banking Union, which is not a Banking Union but merely a way for Germany to suck funds out of the weaker economies since it makes states ultimately responsible for recapitalising banks. In other words the bankrupt and overindebted countries who are objectively unable to refinance their banks will be forced to bail then in, prompting depositors to jump ship before this happens.
This again is evidence of Germany’s unwillingness to commit totally to the Euro.
My comment: Put us out of our misery! Get the hell out then if that’s what you want and let us pick up our pieces.
The trouble is that this is not what Germany wants as such. It is of course what German Bankers want but not necessarily what all politicians or industrialists want. What they want is something akin to what they have now. That is that Germany should keep all benefits of Euro membership (which are indeed many) but without committing itself irrevocably. A sort of tails I win heads you lose.
This, however, is just as unsustainable as Greek debt.