http://www.guardian.co.uk/business/2012/may/20/europe-waits-greece-choose-flame-fear-spreads?newsfee d=true

Jean-Claude Trichet, who stood down as president of the European Central Bank last autumn, made a speech on Thursday night in which he argued that eurozone states should be able to declare fellow members bankrupt, and take over their tax and spending policy - an idea that the economist Nouriel Roubini rapidly dismissed as "totally undermining national sovereignty".

A couple of years ago, this would not have frightened me in the least, but now I see the people in charge would be the Weidmann's and Bini Smaghi's. With plenty of advice from the Issing's and Werner Sinn's. This whole treaty has significantly less appeal given the exigent reality we are looking at today.