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I can't see Europe having the collective will necessary to save the Euro. That is, I believe the member states will cede national financial decisions to a Central European fiscal institution. -It's simply not in every eurozone country's best interests. At the same time, I really don't see how this will can be effectively imposed upon them.
My guess is that the Euro will unravel. Unless Greece and Germany have the same fiscal policy, Greece shouldn't be able to borrow money on account of Germany's good credit. -That's bubble-forming economics. IMO proposed euro bonds, or any other solution that doesn't bring Greece and Germany under the same fiscal fold would simply extend this perverted credit situation.
My feeling is that things have passed the tipping point. My predcition is that Greece will default, and then drop the Euro. Spain and Portugal will probably follow out of the Euro quickly, once the example of Greece (and a lack of collective will) has been made.
I'd wouldn't be surprised if Geitner went to Europe not to change minds, but start planning for the turmoil to come.