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.