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Just to complete my daily bit of good-natured German-bashing...

German media (in a complete misrepresentation of the facts) says the Greeks work less and retire early... yet the EU's own figures show that the average Greek works many more hours P/A than the average German.

And they overlook that Greece is largely in the trouble it is, because the one-size-fits-all interest rate of the Euro is essentially decided by Germany, for Germany.

Financial houses (many German) were lending to Greece at the same rate as they would lend to Germany.

Where was the German discipline there?

As Schäuble mentions, the population of Europe are not going to agree to German domination of Sovereign states until they have been "convinced" that the measures are necessary.

This is where the lack of leadership in solving the Euro crisis comes into play.

Markets are panicking because everyone is being told we need German leadership in Europe but we don't have it.

Merkel keeps going to meetings. Still no solid solution.

This game will continue to be played, and markets continue to take a hit, until European leaders BEG for Germany to take what she wants in return for German financial underwriting. UPDATE - European leaders have agreed a timetable to set up a single eurozone-wide banking supervisor run by the European Central Bank over the course of next year, a rapid pace that marks a victory for a French-led group that had pushed for a quick first step towards a banking union for the single currency.
But at an EU summit that stretched into the early hours of Friday morning, leaders failed to agree on the second key step in the process: when the eurozone’s €500bn rescue fund will be able to start injecting cash directly into failing European banks, giving in to German resistance.