Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe - but hated and resisted, because it will perceived as an oppressive power.

Unfortunately, the more complex the system, the greater the room for error.

You could adjust the punishment to fit the infraction. Even a small fine would be enough to bring an errant government to heel.

Revolutions usually start with enthusiasm and end in tears.

This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.

Find the trend whose premise is false, and bet against it.

Discount the obvious, bet on the unexpected