The EU has an as yet undisclosed bailout plan, and S&P reaffirmed Greece’s BBB bond rating.

As I have said before, the problem was that the governments were too eager for integration, so they used unrealistic exchange rates to bring in the less well off EU members into the Euro, basically payoffs, and so you now have imbalances that need to sort themselves out.

Still if I were a betting man, I’d bet on the Germans being complete dicks about all of this, because it’s how they roll.