What's more, the founding treaties of the EU make it illegal for one member state to assume the debts of another member state. And the "no bailout" clause was

What's more, the founding treaties of the EU make it illegal for one member state to assume the debts of another member state. And the "no bailout" clause was added exactly in response to Northern European concerns that they would eventually be responsible for the debt incurred by Southern Europe. http://www.cfr.org/world/eurozone-crisis-historical-legacy/p22932 http://www.cfr.org/world/eurozone-crisis-historical-legacy/p...