"And trust me, push is coming to shove very soon.
At the core of the intolerable elements of the agreement are two intertwined provisions; that private investors are not expected to take losses on unsustainable sovereign debts and the European Central Bank (ECB) effectively channels support for challenged national debt complexes through the IMF and the European Stability Mechanism (ESM), the permanent successor to the temporary European Financial Stability Facility. In de-facto ‘monetizing’ the credit support mechanisms and preventing the ‘market’ to exact any risk-reward measures from investors, to central tenets of Ms. Merkel’s multi-year protestations, I believe the so called agreements seal the fate of the Euro. That Germany will exit is now a virtual certainty, to my mind. When this will occur is sooner than most likely think possible. A matter of a few months is my best guess."
