Tony Blair, the British Monarchy's factotum, speaking on the BBC1 Andrew Marr Show June 24, resumed his attempt to bludgeon Germany into funding the lion's share of the bailout of the zombie European banking and financial system. According to reports in the June 24 Sunday Telegraph and other publications, Blair warned that incremental changes, such as help for Spanish banks, "is not enough." "The only thing that will save the single currency now is in a sense a sort of grand plan in which Germany is prepared to commit its economy fully to the single currency," said Blair.
"That means," he added, "treating the debts of one as the debts of all." Thus, Germany would have to stand behind the trillions of dollars of worthless obligations of the Inter-Alpha banks throughout Spain, Italy, and Europe as a whole. Germany's Angela Merkel has refused this option, despite the pressure from Mario Monti and Francois Hollande; thus, Blair is brought in.
At the same time, Blair told the same BBC1 show that this plan could not succeed, unless the other countries of Europe were willing to accept the "pain of reform" — austerity that devours the population, such as in Greece.