In many places, the so-called credit default swaps (CDS) are as a trigger for the financial crisis. Rightly, the authors point out that this measure misses the real problem. „Such demands for regulation distract from the fact that with credit default swaps can only speculate successful if the countries concerned are major problems.” For the authors all is clear. Only when the application of the no-bail out clause seems credible in the euro countries will be given the necessary incentive to sound financial management. In fact, Germany was in the 20th Century even broke 3 times – the Empire, when the National-Socialist regime’s funding gaps could only meet with military raids, and left the GDR socialism imploded because of his financial problems.