Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.

We are facing a whole collection of crisis-like developments that we have to watch closely. But we also have to be careful what we point to as crisis indicators.

I don't want to interpret the pope's words, especially as I am one of those horrible people who fell away from the Roman church after Martin Luther.

For Martin Schulz, the chancellor candidate for the center-left Social Democrats, friendly wishes don't go far enough. He would like to see much more enthusiastic support for Emmanuel Macron than that shown by Chancellor Angela Merkel, whose comments so far have tended to be reserved. As she put it, she doesn't see a need to change her policies because of Macron.

The Pope was more critical of Christianity than Islam during his visit (to Bavaria). He said on several occasions that the secular world influenced by Christianity must face the idea that it may not be as attractive as it once was. The leaders of other faiths might also be well-advised to admonish their own now and then and not always direct their criticism at others.

I can't think of many other laws we might need. For now, though, we'll be talking to German Muslims over issues of coexistence.

If you live beyond your means and have to restructure as a result, you pay a price.