"European countries' central banks can't because they don't have...

"European countries' central banks can't because they don't have their own currency any more. Certainly European commercial banks can't print money."


I think outright default is inevitable, Jantimot. Look at the yields now on Greek govt debt.

Also check out the CDS of the major European banks like SocGen and Deutsche, way higher than the peaks of 2008/09:

A simply arithmetic composite chart (unweighted) of CDS on BBVA, Deutsche Bank, SocGen, BNP Paribas, Intesa Sanpaolo, Monte dei Paaschi di Siena, and Unicredito. As can be seen, these CDS prices are way above their 2008/9 crisis highs by now