—
liquidity versus solvency: nos amis ricains ne nous ont-ils pas déjà
fait le coup récemment? au moins eux n’ont pas posé un ultimatum à 2013
pour que leurs banques finissent de cicatriser grâce à une courbe des
taux superbement raide et à quelques pansements comptables  

—

http://www.pimco.com/Pages/GermanyinaLose-LoseSituation.aspx

• The problem
  is that the current approach – centred on dealing with liquidity
  problems now and solvency issues later – is not working.
• A liquidity
  approach that delays the day of reckoning may be good regional
  politics, but it’s bad economics. It does not restore sustainable
  growth to the periphery, and it exposes the core to contamination.
• Rather than
  simply doubling up on a faltering liquidity approach, the time has come
  for Germany to lead a more holistic solution focused on addressing the
  periphery’s debt overhang and competitiveness problems.

This is not the first
time that Germany faces such a dilemma. After the fall of the Berlin
wall, West Germany judged that good politics trumped bad economics, and
agreed to reunify with much-weaker East Germany at a one-to-one exchange
rate. It took years to overcome the costs of this decision.