Well, why is Germany underwriting their debt? It's not out of the goodness of their heart. It's because Germany didn't want a Greek default to end up giving a h

Well, why is Germany underwriting their debt? It's not out of the goodness of their heart. It's because Germany didn't want a Greek default to end up giving a haircut to lenders in Euro-denominated sovereign debt. Greece isn't the only country that's "ceded the control of their currency to the EU," and fiscal unity that requires that the Greeks (and the other countries in financial distress like Spain and Italy and Portugal) give up control but doesn't ask countries like Germany and France to do the same isn't really unity, it's exploitation.