French socialists' electoral victories are giving top cover for other nations to ditch the whole austerity thing, not that there was ever much of it anyway.The "growth" policies they're endorsing are just more money for social programs and public employee unions. If that was going to work, it would have worked by now. As a side effect, the most productive citizens are fleeing*.
The new French Prime Minister, Messr Hollande, is pressuring Germany to participate in Euro bonds where Germany would be one of the countries (read: only country) backing the loans the bonds represent. Meanwhile, Europeans across the continent are still in deep, progressive denial about the situation and refuse to make sacrifices or free their imprisoned economies by removing their layers and layers of regulatory shackles.
They are all going down. Well, all but one.
In the long run, German help won't do anything other than prolong the crash and impoverish Germany. If I were them, I'd be getting out now.
* - If you're a Californian, don't let this bother you. Punishing productive people didn't work in France, but it's going to work wonders in California. Right?