To a certain extent this makes me feel sympathetic to the ECB's position. This is largely a fiscal crisis in the sense that the fiscal austerity introduced in 2009 is a big part of the current problems, and the fiscal insanity that is the Growth and Stability Pact is a big part f the causes of the crisis (the fact that the ECB is a  strong supporter of both of these flawed fiscal policies somewhat moderates my sympathy for them).

But the point is that these governments are attempting to take the easy way out and shift al the burden of crisis resolution on the ECB.

Now, since the ECB does exactly the same in reverse, that is, refuse to engage in appropriate monetary policy and advise governments against appropriate fiscal policy, maybe the problem is that Europe is caught between a bad Central Bank and a bad fiscal authority (the combination of the 17 Eurozone treasuries).

Add a bad private financial sector and you've got a perfect storm.

To err is of course human. But to mess things up spectacularly, we need an elite — Yanis Varoufakis