Here's just a few reasons why the plan to save the Euro won't work:
1 The EU wasted a year dithering etc etc..it was in a far better economic position last year to do this.
2 By the time the funding etc is in place, certain banks/countries will have already gone to the wall.
3 The Greek people will not accept the level of austerity required to keep them in the Euro.
4 The politicians are in denial, they won't accept that their view of how the world should work has been shattered.
The timing and content of the announcement is a "hail Mary" designed as
a stop gap to put a bottom under the markets (form over substance). The
markets will see through this, and the relentless pressure to force
Greece out will not be abated.
6 The current design of the EU is unsustainable
7 Germany should leave the Euro, and let the PIIGS devalue the Euro to bring the dead economies back to life etc etc.