I tend to agree with this view and think the US has done a great job keeping the focus on the euro zone. Both the euro zone and the US have big problems in my view and frankly I think the people in the eruo zone are better equiped to deal with adversity and austerity than the US. The one area that is of greater concern in the euro zone for me is the leverage of the banks, they have not added sufficient capital to their base and delevered enough so are in worse shape than many US banks.

I also agree than Germany will support more assistance to euro zone members because they have benefited greatly from the euro zone for years. Keep in mind that if the euro zone collapsed than the Deuchtmark would be very pricey which would cripple Germany eventually. I also believe that kicking Greece out of the euro zone would cause a massive rally higher in the euro and to some extent the same would happen if Greece gets their act together and starts living within their means.

The market hates indecision and the unknown and this is really hurting the euro right now causing excessve interest rates which makes the situation worse. The same will happen in the US soon to a larger degree when the focus finally swithces which it will.