[PAR35]

there was never any way to avoid them needing more and more loans. It was apparent in 2011. Europe, the EU, Merkel, The IMF, everyone knew. All they did was,as correctly termed back then, was to kick the can down the road.

Yes, but in 2011 they needed to kick the can down the road. They may not need to now.

[wiggen]

Perhaps. The reality is much of the risk was transferred to central banks who could more easily cope with default.