I commented back in December 2011 about the failure of proper stress-testing of banks in the Eurozone. I was making a specific point about France and Germany but the failure was systemic and is well demonstrated by the trouble in Spain which has suddenly discovered that its (supposedly stress-tested) banks may need 100 billion Euros of support. If only the authorities had carried out proper stress tests six months (or, much better, 2 years) ago the Eurozone would not be in this catastrophic position now.
It is questionable whether Germany and the other strong Eurozone countries (there aren't many, especially if the rumors about the amount of Greek government debt held by French banks is correct) can do anything to save the Euro. Even if they can, should they? How can Greece ever survive years of austerity and recession while it is saddled with an over-priced currency? Only by Germany giving them billions of Euros, which they aren't going to do (and who can blame them?). Even if the Germans pumped, say 250 billion Euros into Greece, it would undoubtedly be squandered.
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