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Cyprus is the latest peripheral country to feel mistreated by creditor countries.
Whereas ten years ago it seemed a peripheral country, now it has become a pivotal one.
"Is France a peripheral country?" asked Jacob Funk Kirkegaard, of the Washington-based Peterson Institute for International Economics, recently.
"We're going to use it," says the boss of one large bank in a peripheral country, of the ECB facility.
These investors are betting that the worst of the debt crisis is over, and yields of peripheral country debt will continue to fall in relation to German debt.
But if you were a depositor in a peripheral country that looked like it needed more money from the euro zone, what would your calculation be?
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2) Let the peripheral countries drop out of the system.
But other peripheral countries have not done as much.
But without Germany's help, peripheral countries were in trouble.
There would be a run on banks in peripheral countries.
Meanwhile, all the peripheral countries have big liabilities.
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