David,

Politicians are always trouble, but math is math....

Some unpleasant eurozone arithmetic, June 22, 2012 11:50 am by Gavyn Davies, Financial Times, www.ft.com

The next summit on June 28 and 29 will unveil a long term road map towards fiscal and banking union, which in better economic circumstances could appear highly impressive. But the market is currently focused on the shorter term. Unless there is some form of debt mutualisation at the summit, resulting in a decline in government bond yields in Spain and Italy, the crisis could rapidly worsen.

Debt mutualisation can come in many forms. The European Redemption Fund, proposed by the Council of Economic Experts in Germany (and discussed here) seems to have receded into the background this week but could still have an eventual role. More immediately, the main option on the table seems to be the use of the eurozone firewall (ie a combination of the EFSF and ESM) to buy secondary government debt, or inject capital directly to the banks. But the problem here is simple: a lack of money.
Perhaps I am outta line (no insult intended, just genuine curiosity), but I wonder why all of the media the pressure is on the Germans? There are 27 members of the EU (~16 trillion USD combined GDP) who can make structural changes and pitch in to pay the bills? The cost of the EU seems to be much cheaper than the summed cost of the wars we have seen on the continent?