CATALONIA: Secession Looking More Likely. “Catalonia is the richest part of Spain. If it goes, Spain’s tax base shrinks dramatically. If it doesn’t go, but merely uses the threat to get lower taxes and more help with its own very large debts, Spain’s fiscal picture still looks a great deal bleaker. Which means, in turn, that Germany is going to have to pony up a lot more money.”

It seems like every European problem requires the Germans to pony up a lot more money. What if they don’t?