It’s your choice, Europe; choose wisely. If you want a model for sanity and growth, look to Iceland. They renounced their unpayable debts and debt-serfdom, and let the market reprice their currency, debt and risk. The nightmare is past for them; they chose wisely. Now it’s your turn to choose.
The debt-serfdom will fall to you, not the banks or your Elites.
The primary reason for the crisis is the banksters refusal to take writedowns on the loans they made and bonds they sold. Until that happens, the crisis will worsen. But the writedowns happen one way or the other, either by negotiation or forced by mobs in the streets.