Mario Monti, in an interview with Der Spiegel kept his phrases light and neutral. He stated that his role was to save Italy from financial ruin and "moral support" from other countries was required, especially from Germany. Dig deeper into Monti's utterances and his assertion that Italy has not received one pfennig from Germany so far ignores the huge liabilities held by the Bundesbank under the Target 2 system. This unauthorised transfer of virtual assets allowed the Italians to stuff European banks and the European Central Bank with debased assets.
Those assets and liabilities will still need to be accounted for as we endure the endgame. The poison has overwhelmed the body corporate and all countries are now infected by the malaise. The European timetable is out of step with the markets. A banking union gameplan will be published in September and finally agreed in December; by this time most of the sovereigns may have choked.
And then the ball will roll eastwards and westwards...