That is why our rescue seeks to limit both the burden-sharing and the concession of sovereignty.
After all, Germany has a radically different interpretation of allied financial burden-sharing in the context of the Soviet financial crisis than that of Washington.
By establishing clear voting rules and burden-sharing clauses for international creditors, and by encouraging countries to adopt them, they could streamline debt workouts when countries falter.
This is what you get when you half-talk about guaranteeing sovereign debt, and half-talk about private sector burden-sharing, and half-talk about the possibility of restructuring sovereign debt.
That you would never be treated like the people in Cyprus, or that a precedent had been set which reflected the consistent demands of creditor countries for burden-sharing?
FORBES: Links 17 March: Cyprus Bailout And Predictions Of Disaster
But that would be less of a setback for Germany than before, because in principle there should be less need for burden-sharing in a more viable monetary union.
ECONOMIST: Breaking up the euro area: The Merkel memorandum | The
Even if it could be agreed, I'm not sure that a bank levy to extract 30bn euros from the financial system, in the name of "private sector burden-sharing", really fits that description.
If Germany wants to save the euro it will have to accept greater risk- and burden-sharing, not least by mutualising some of the euro zone's debt and devising a Europe-wide system to stabilise banks.
The UK is pressing for a series of solutions, including a larger bailout fund, euro bonds and structural reform within the European Union - which could lead to greater fiscal burden-sharing between the poorest and wealthiest countries.
"After Annapolis, there will be an important pledging conference in Paris, where we Europeans, of course, will maintain our high levels of support to the Palestinians, but where we also want to see burden-sharing by our Arab friends, " Ferrero-Waldner said.
The ones that we give back, we're going to have to be given appropriate consideration for the improvements, and the ones that we keep will have to have a much fairer burden-sharing than has been the case in the last 10 years.
This explains the meteoric rise of a new party (Yesh Atid) which said it would focus on the middle class and find a way so the ultra-Orthodox participate in burden-sharing by joining either the compulsory army or civilian form of mandatory service.
Germany's de facto loans to these banks is equivalent to around 30% of its GDP (this figure is based on the assumption that, in a worst case of a eurozone breakup, Germany was unable to share the cost with other eurozone members on the basis of an official burden-sharing formula).
In addition to being credit negative for Cypriot banks, the willingness to impose losses on bank depositors signals that burden-sharing for senior unsecured bank debt, and potentially deposits, is a viable and realistic policy option for governments in the euro area and perhaps elsewhere in Europe to limit the financial and political costs of bank bailouts.
The portfolio of economic and financial security policy issues should be integrated into all major discussions between the Bush administration and the Congress -- just as it should be featured those between the United States and its allies -- in connection with upcoming consultations and decisions regarding alliance defense burden-sharing, the international debt crisis, and the U.S. budget deficit reduction.
The business of laying fibre-optic cable, both terrestrially and under the sea, used to be the preserve of incumbent telecoms operators sharing the burden of capital-intensive projects.
The growth of peer-to-peer file sharing - both legal and illegal - has also placed a significant burden on their networks.
And industry observers such as Ameet Shah of PRTM, a consultancy, expect consolidation to spread the burden, either through sharing of networks or outright mergers, as Orange and T-Mobile plan in Britain.
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