[Osem]

And, so far as I can see, if the ratings agencies and financial markets determine that Germany can't do that then they'll be increasingly subject to higher interest payments on their debts and have even less ability to tackle the crisis elsewhere.

We mustn't forget that the Germans have done very well out of a weaker Euro so may be feeling a tad more generous right now than they might be if/when things at home become harder and their people start to feel the cuts others are experiencing. In fact it wouldn't surprise me if they know full well that this is their only credible course of action and have their fingers and toes crossed hoping that it works.