I find it hard to believe the Germans will have the political will to put more money up. They are just transfering bad debt from the PIIGS to their own balance sheet. The bind their in is their banks hold a lot of sovereign debt so they may just have to pay it anyway in the form of propping up their banking system. And I can't see how Greece can not have at least a pertial default. The real problem will be Italy and Spain though because they are much bigger economies than Greece.
And I tend to agree that QE doesn't seem to have done a lot of the US economy, Wall St loves it but it doesn't seem to be translating to lowering unemployment.
