Some weeks ago the Europeans announced that they had a plan to have a plan by yesterday. Over the weekend the plans were delayed until Wednesday, so now we have “hope that there will be a plan.” It is clear that if and when a plan does come forth, it will not solve the European debt problem. There is an unwillingness to properly write down Greek debt due to fears that a write down would bring down European banks, and also lead to a higher probability of further defaults in the PIIGS. … but so what. At the moment Greek and other Euro citizens are feeling severe pain in order to avoid pain in the banking system. On this I have sympathy with the protesters. Move the pain to the banks. The solution is for Greece to default and find out what this leads to in the banking system. As far as possible bail out the DEPOSITORS in failed banks, but don’t bail out the banks. Cleaning up the banks will be much easier when we know exactly how big the problem is. Will this lead to further problems with sovereign debt in Europe? Maybe. Again let’s find out. It is better to face up to the problem than to delay and obfuscate in the “hope” that a “plan” might arise.