Banks and other large holders of bonds worth far less than their face value will bring all of the power they can muster to somehow, someway get the EU to print the money to prop up the banks and socialize the hidden losses associated with massive sovereign debts.
One way or the other, the money WILL get printed, probably with some help from the US Federal Reserve through the IMF.
The continuing run on European banks by depositors, and a refusal by current bond holders to roll over maturing debt mean that the amount of money that must be created out of thin air is growing exponentially....
We are now seeing more clearly that the world is being run by the largest of the large banks. “Screw the people.” This isn’t socialism, it is Fascism, the alliance of government and favored financial/business interests.
We saved Europe twice last century. We don’t have to do it this century with a financial bailout on the backs of our tax payers.