[GOPJ]

But the ECB is able to print Euros to recapitalize the banks, and that is exactly what they would do. They would make good the losses out of thin air. This might cause inflation, but that is certainly better than the alternative.

What you say might be true - but it'll make countries like Greece winners - and responsible countries like Germany, losers.

Somehow or other that's not gonna be a good long term solution...

[proxy_user]

Not really. They will recapitalize the French and German banks. Greece will still be broke, and no one will loan them money, so they will have to dramatically reduce their living standard and leave the Euro.