AFAIK Deutsche bank is close to being a zombie bank due to its huge losses on CFD and other financial exotica and thus Merkel is v. constrained in what she can do to bail out Greece or stimulate the German economy even if she wanted to.  The German taxpayer having to bail out Deutsche bank would be a disaster for their self-image of prudence. Basically Deutsche bank appears to have followed Goldman Sachs et al in the speculative investment field but didn't get out in time. Typically German:  Too slow to do everything and nothing near as prudent as their self image suggests.  Better to blame the Greeks...

Index of Frank's Diaries