I cants stop thinking about the pickle Germany finds itself in as the ECB turns out to be not a Bundesbank clone but the Bundesbank’s worst nightmare….

While Germany is footing about a third of the bill for the various bailouts and has extracted vows from German banks not to sell Greek debt until at least 2013, the French are gleefully off-loading their Greek debt on the ECB at prices they could only have dreamed of a month ago.

Thanks, Jean Claude! The Legion of Honor awaits after your retirement!.