It looks like the German plan of simply asking banks to do the Eurozone a favour by rolling over their bonds into new,  discounted, long-term issues could prevail at the European summit.

There is no way that this model can be rolled out across  Greece, Portugal, Ireland, Spain and Italy.  It's not a solution.

I suggest why we got into this mess,  and what we need from government to get out of it,  in a new blog  on Forbes, here.