If Spain and Italy want a backstop – that realistically only the ECB can provide – it is their burden of proof to show that German taxpayer money, that does not grow on trees either, is worth risking in this operation. Because if it turns out that Italy or Spain cannot grow out of their debt because they lack the political will and macroeconomic discipline (as they did a long time ago), this backstop will come into effect, backed by German taxpayer money. And the more it is used, the more the negotiating power shifts towards Italy and Spain, who in this scenario would have shown their lack of political will and macroeconomic discipline… You get the idea.
— Solvent? Who said solvent? – Kantoos Economics
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