Euro Summit Summary

OK, I'm mystified. European countries cede a big chunk of their budgetary powers to Germany and get what, exactly? Is there an actual or virtual guarantee that the ECB will then buy the bonds of the endangered countries? If not, what the heck is the point?

Will newer versions of the Euro have that motto Wolfgang covets? Something like "Wir legen unser Vertrauen in Angela"

???

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