Two-tier euro market is already here.

The article offers information on the two-tier euro market as of August 12, 2011. It describes the two-tier euro system as a currency for the stout nations of Europe's north and as a second division for the periphery. It notes that investors only want German credits when it comes to size, with Germany's KfW and Berlin banks taking 3.25 billion euros of long-dated paper this week. It stresses creditors' opinion that Europe is already tiered into Germany and the rest.