If he does not, then Germany knows that the harsh budget arithmetic in the new Stability and Growth Pact will not add up even for France - let alone the likes of Spain.

BBC: Who will dictate Europe's future?

As an arithmetic matter, this would still leave 1999 growth negative in many cases on a year-over-year basis.

CNN: REFORM IS CRUCIAL

While Crisis economies may bottom out after June, says Stanley Fischer, the International Monetary Fund's first deputy managing director, "as an arithmetic matter, this would still leave 1999 growth negative in many cases on a year-over-year basis".

CNN: THE LONG, HARD CLIMB BACK UP

The arithmetic implies, as a necessary but not sufficient condition to spark EU growth (robust growth abroad is also needed), the euro should drop about 20% against the currencies of its trading partners.

FORBES: Europe Will Recover As The Euro Falls