Might I just mention one little titbit?
http://www.spiegel.de/international/...731798,00.html
Seems like a very good article and as you have said Skybird, it would be a short term terror. The problem with the financial markets and sovereign economy would be that this would turn into a long term terror for everyone, not just Europe. The article I posted speaks of dangers for Germany, but I would like to attract attention to the final part, about Europe loosing what little comparative advantage it still has. It wouldn't just be political and economic suicide, it would be a strategic one. As much as we might hate what has happened, one thing is certain. Drinking the foul medicine is better than killing the patient.