Angela Merkel, the German Chancellor, is under considerable domestic political pressure not to agree to a plan for Eurobonds (intended to save the Euro from its expected demise).
A poll of Germans show that 44% want Germany to withdraw from EMU, and Merkel's coalition partners will withdraw from the government if she goes ahead with Eurobonds.
Given that there is no political will to support the policies necessary to prop up failing Southern economies (eg Spain, Italy etc), these economies will fail and will inevitably drag the Euro down with them.
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