When it comes to bailing out Greece, Ireland, and Portugal, Germans tend to be rather sanctimonious. Among them, profligacy is supposedly a definite no-no. But, as you argue, Germany may be coming to the rescue of these countries to save its own profligate banks (“Follow the Money,” April 16, 2011). Well spotted. As you point out, its banks are owed two-hundred and thirty billion euros from the three countries. The biggest two banks, Deutsche Bank and Commerzbank, are exposed to only six-billion euros in debt, but smaller ones are a different matter. Eighteen billion euros are owed only to Hypo Real Estate, a bankrupt German bank specializing in property that is now owned by the state. Of course, these numbers would swell if Spain were to default. In other words, the German bailout thus makes a lot of economic sense. As you put it so quaintly in your conclusion: “The rescuers need not be quite so sanctimonious.” Indeed.