All Europeans are urged to watch this movie as the situation will not be different in many other Euro nations. No country can shield itself anymore from a Greek-style fallout due to insurmountable debts that are most likely to be never repaid as interest rates for bad debtors have been ratcheting up since Q4 2010.
On Monday the EU communicated plans to top up the European Financial Stability Fund (EFSF) to €726 billion.
But this won't be the end of fighting debt with more debt. Netherland's central bank governor Nout Wellink suggested already last Friday to double the EFSF to an unimaginable €1.5 TRILLION.
This should be taken as another sign that nobody in the Eurozone has an idea how much the final tab for the biggest crisis in history will be. As a short reminder that complacency is unjustified is delivered by Greece itself. Last year the estimates for the bailout 2010 started at €30 billion, only to shoot up to a €100 billion. This year is not different: Within 2 weeks in May, bailout estimates shot from €78 billion to €120 billion.
Now imagine what will happen once Spain and Italy cave in due to unmanageable debt levels and banks saddled with an unknown amount of bad loans to the PIIGS lenders.