I have been out of contact with the civilized world since Friday as Internet and cable have been off line due to a storm. During that time, I half wondered if the world was coming to an end, in particular coming from Europe's debt ridden nations. Greece isn't there yet, but it is awfully close.
Derek Thompson at the Atlantic sums up the situation pretty well. The only thing that really needs to be pointed out is that while option "a" is most likely to happen, it is also the least likely to resolve the problem. Give it another six months, and Greece will be looking for a third bailout. As every good poker player knows, once money is in the pot, do not treat it like it is yours. Europe's past bailout money is in the pot; it can't let that fact make it irrational and continue pouring more money into a losing hand to get that first bailout cash back.
I don't see how the Euro survives this mess.