Since the beginning, I have basically three reasons for this decision. The first one is that I very precisely remember what we promised the people as the euro was introduced. We then excluded exactly what is happening now: we said that every country has to carry the responsibility for its own household and a mutual debt assumption is forbidden. Secondly there is a problem with the intergenerational equity. When they now continue discussions about debt relief they don’t like to use the word ‘haircut’ then they will tip the problem in the front garden of our children and grandchildren. And that is irresponsible with our own debt of over 2 trillion. And thirdly it’s wrong economically, because when you completely switch off the interest and offer bad debts at very cheap prices, you switch off the only effective appliance against immoderate indebtedness, which is a higher interest.