I'm also surprised at how fast this has piled up. My predictions at the beginning of the year were for the the Eurozone to survive intact for this year at least, because the current arrangement was so much in Germany's mercantalist interests.  Now we might be looking at a core Eurozone in Northern Europe stretching only from the Netherlands to Germany.  It would be interesting to know if contingency plans are being drawn up at the EC or the national government level.  Does anyone have any intelligence from the people who normally print currency?

I find it hard to believe, however, that the EU could make that transformation so quickly, given that they are only now admitting to the systematic nature of the problems. One of the fault lines is the relative speed of national developments in Greece, Portugal and Spain (especially by the Greeks who are trying to re-make democracy for us all), compared with laden-tanker-like responses of the EU.

My bet, for what it's worth, would still be on Eurobond issuance and cobbling the thing together for this year.