Good pessimistic (realistic?) piece from Der Spiegel:

“The next stage in the crisis will be blatant blackmail. With their refusal to accept money from the bailout fund to recapitalize their banks, the Spanish are not far from causing the entire system to explode. They clearly figure that the Germans will lose their nerve and agree to rehabilitate their banks for them without demanding any guarantee in return that things will take a lasting turn for the better.

“The next test of the resolution of Europe’s donor nations will come from the Greeks… after the election on June 17, the Greeks will bargain with the other EU countries to see what it’s worth to them to see Greece abandon the euro. The Greeks no longer have much to lose; but their EU neighbors — and particularly the Germans — still do. This discrepancy will determine the price to be paid.

“Germans have always expected that being part of a united Europe meant that national interests would recede into the background until they eventually lost all significance. One recognizes in this hope the legacy of political romanticism.”