A bullying mendicant rabble led by the likes of Obama, Cameron, Monti, and Hollande have been trying to push Germany into supporting the idea of Eurobonds as a solution to the euro-zone omnishambles.

That would mean that the Germans would be underwriting the whole rotten edifice.

Via the Daily Telegraph, here’s what the head of the German central bank thinks about that cunning plan:

You don’t give your credit card to someone who can’t keep their spending under control.

And here’s what, German, you know, voters, think about that idea:

12.16 Most Germans are against the idea of eurobonds, which would pool eurozone debt to help fight the crisis, and are against Greece remaining in the euro, according to a poll.
The survey for ZDF public television found that 79pc of those asked said they opposed the introduction of eurobonds, in line with the position of Chancellor Angela Merkel’s government.
Fourteen percent backed the tool, which is being spearheaded by new French President Francois Hollande but which Berlin argues would remove pressure for reform in spendthrift countries and also undermines market discipline.
Germans have also become increasingly sceptical about Greece’s membership of the eurozone, with 60pc against, while 31pc backed its continued use of the single currency, the poll showed.

The EU’s oligarchs decided to introduce this dangerously speculative single currency (which makes their criticisms of Wall Street risk more than a touch ironic) over the objections, so far as they were even heard, of those (the German voters) who were always (contrary to what was claimed at the time) likely to have to underwrite it. And therein lies a big part of the problem.