What else do expect from EU FM
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The EU does not have the mechanisms in place nor the support of the electorate for further bailouts of sovereign debt. There must be defaults. BUT, they do have the mechanisms in place to shore up their banks. So I think what they are doing is pre-capitalizing the banks to be able to withstand a Greek default and substantial write down. When they have the banks prepared they will then put a bullet in the Greek debt. There could be a substantial rally from this.