The house of cards is falling. Will Greece now have to provide aid to Germany?
"Offenbach, a city of about 120,000
people neighboring Germany’s financial capital Frankfurt, is so
mired in debt it had to ask the state of Hesse for a 211
million-euro ($277 million) bailout in June. In so doing, it became one of the largest of 102
municipalities to tap 3.2 billion euros of aid Hesse is making
available as the first of Germany’s 16 federal states to
introduce a formal rescue fund for struggling towns and cities."
For entire article: http://www.businessweek.com/news/2012-09-18/german-city-needing-aid-shows-debt-crisis-tentacles-euro-credit