IT'S JUST PROTESTANTS VS INDULGENCES:

Following the last European summit in Brussels there was much talk of defeat for Chancellor Merkel by what was described as a "new Latin Alliance" of Italy and Spain backed by France.

Many Germans protested that too much had been conceded by their government - and it might not be too far-fetched to see this as just the latest Protestant criticism of the Latin approach to matters monetary, which has deep roots in German culture, shaped by religious belief.

Churchgoing has been in decline in Germany as elsewhere as secularisation has spread, but religious ideas still shape the way Germans talk and think about money. The German word for debt - schuld - is the same as the word for "guilt" or "sin".

Talk of thrift and responsible budgeting comes instinctively to Angela Merkel, daughter of a Protestant pastor.

Merkel's frequent assertion that "there is no alternative" to austerity policies (while reminiscent to Britons of Margaret Thatcher) has been likened to the famous stubborn statement by German Reformation leader Martin Luther: "Here I stand. I can do no other".

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