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http://www.nytimes.com/2012/05/24/world/europe/euro-crisis-intensifies-as-leaders-bicker.html?hp

"While talk has focused on how isolated Ms. Merkel has become in her stance against euro bonds and in favor of pressing deficit cuts, she is far from alone. Many Eastern European countries, which suffered through their own austerity programs to gain entry to the euro zone and are still poorer than Greece, have little sympathy for Athens. And the Austrians, Finns and Dutch have thus far hewed to Ms. Merkel’s line.

“We did not expect a decision tonight,” Mr. Hollande said after the meeting. “There was no conflict, no confrontation between the various countries and some were even more against euro bonds than Ms. Merkel.”

Ms. Merkel said Wednesday that the German Constitution and the European treaties forbade countries from assuming one another’s debts. “Aside from that, I don’t believe that they would make any contribution to boosting growth in the euro zone,” she said.

Mr. Cooley, of New York University, said: “I don’t think we’ll get all the way to the unraveling of the euro system. The way they are approaching solutions to it is the one that’s going to cause the most possible pain and damage to the countries on the periphery.”"

That is the content aside from speculation.