He seems to be tacking a course that runs
into direct opposition to the ECB, IMF and France…

However, there is another level of analysis. It is the level of German domestic politics, which often seems to be „sixth man“ (basketball analogy)–not a player often cited but plays a critical role. The response to shocks is a constrained by domestic institutions, but colored by interests of the economic and political elite. German domestic resistance to more aid to Greece is palpable.