2012-10-02telegraph.co.uk

Accumulated cross border claims are now so extreme that they threaten to leave German taxpayers with huge losses should the euro break up, or any one of its members leaves.

What makes this debate of particular importance is that it is German opposition to debt pooling in the eurozone that is generally thought, at least among the periphery nations, to be the biggest barrier to crisis resolution.

If only the Germans would agree to treat Europe's debts as one, rather than the separate responsibility of 17 different sovereign nations, then all this nastiness would go away.


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