From Bloomberg – Euro May Have to Coexist With a German-Led Uber Euro: Business Class:
It appears another rescue is on the way for Greece. It won’t solve the currency union’s problems. The real threat to the euro isn’t that a weak peripheral country like Greece might withdraw in an effort to devalue its way to competitiveness, but rather that Germany might want to pull out.
Germany’s incentive to leave grows with each bailout, and Berlin could ultimately make a simple calculation that extrication will be less costly than continuing the sacrifice needed to keep the euro.