Can the Euro Still Be Saved?

``Once again, the German government was confronted with the realization that it cannot take action relating to the euro crisis without taking the reactions of investors into account. It misjudged this reaction once before, when it opposed financial aid for Greece for so long. In those weeks of uncertainty, the risk premiums for Greek government bonds continued to rise, while speculators began setting their sights on the bonds of the other PIIGS countries.''