BBC News
September 13, 2011
Bit by bit the German political elite is retreating from the position that there can be:
a) no prospect of a euro breakup;
b) no Greek default;
c) nothing but grim Maastricht-compliant orthodoxy from the European Central Bank (ECB);
d) an orderly solution to the crisis.
You can feel it happening in this Spiegel article. You can see it in Herr Stark's resignation from the ECB.
In fact, ever since the Greek riots of late June - which forced German Chancellor Angela Merkel to back down completely on private sector involvement in the new, permanent bailout mechanism, after she was convinced it would cause another Lehman-style event - you can see Germany's position in retreat.
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