As Greece lurches on the precipice of default on its sovereign debt, a default that could bring down banks across Europe and precipitate a global financial panic, a consensus is building that there is but one way out.
First, a structured default on the Greek debt, giving creditors a major haircut, but compensating them with eurobonds of half the face value of the Greek bonds, guaranteed by the European Central Bank.
Second, a huge new European Financial Stabilization Facility of trillions of euros to recapitalize stricken banks and buy up the sovereign debt of Portugal, Italy, Ireland and Spain, should private investors flee their bonds.
Such a solution, however, depends upon Germany, the richest nation in Europe and major contributor to the ECB.
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