I think rollover is the crux of the matter.

This is how I see things going: Countries (Greece, Portugal, ...) will not be allowed to default on banks. Our Euro politicians are obviously in the pockets of banksters. Rollover means that creditors are being transferred from private institutions to public ones (indirectly Aryan states). After enough rollover default will be "acceptable". For me this will go on like this:

1. Debt ownership is rolled from banksters to states
   
2. PIGgys will be allowed to "restructure" when enough debt has been transferred to the balance sheets of the EU/northern states.

This means massive austerity on PIGgys (at least until enough rollover happened) followed by the rip off of northern states that will end up owning the debt that will be "restructured". Massive profits for banks, of course.

The minor problem, is that democracy might get in the way. The EU-politicians-puppets-of-banksters have until now been able to control the populace (both in debtor and creditor countries), but the pain that is being inflicted might be too much and somebody might rebel (Finland almost did it, lets hope somebody does it)...