Germany must pay the price
Reports that US President Barack Obama has telephoned both German Chancellor Angela Merkel and French President Nicolas Sarkozy urging them to sort out the eurozone financial crisis, demonstrate just how serious the situation has become.
When the president of the most powerful country in the world rings during the night, we can all be sure that he is very, very worried. And so should the rest of us be.
While the installation of new caretaker governments in Italy and Greece seems to have temporarily calmed the market's nervousness, this is very much the lull before the next storm.