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.
IFO head Hans-Werner Sinn reckons an exit from one of the peripheral states could cost Germany around 25% of its GDP.
It’s the German opposition to debt pooling in the Eurozone that is largely considered by the PIIGS to be the main hindrance to any solution to the current crises in those states
More… UK Telegraph
