Germany doesn't like to be bullied.
With the head of the ECB and Premiers of debt loving' nations seeing a nice way out of austerity with Eurobonds (spending other people's money) it is clear what the upshot will be if they continue to harass the Germans.
Looking at Merkel's body language and that of the German finance minister trying to be seen as cooperative (wsj), it is clear enough is enough. They know the Eurobond cop out is a tax on the German people and they will be underwriting the whole of Europe. So my prediction is Plan b will kick in and Germany will leave the cess pit and issue it's own currency.
Whilst the markets fret over that Greek election, hot money is leaving the belly of Europe for the that safe haven called the UK which is having a 1977 double take; Disco, recession and a Queen's jubilee.
And of course a year when there were lots of European currencies and FX traders had more fun.
UK to cut rates to -1% (guardian)
NASDAQ to move away from Excel.