Conspiracy and the euro

As Charles Grant of the Centre for European Reform points out, "people take bets on currencies - if they overreach themselves they go bust". ...Charles Grant says, however, he is certain that in the end Germany would act to prevent Greece defaulting. After all, it has signed up to a statement to "defend the stability of the euro". He says it is "understandable" at this stage that Germany wouldn't want to be too "explicit" about its plans, but who exactly will do the bail-out remains unclear.