if europe takes too long deciding to become an economic and transfer union, then italy and spain will require a bailout, and even if they get it it will still lead to a double-dip around the world from the damaging indecision.

the peoples of germany and the netherlands, etc, need to decide over this summer whether they are willing to enter a permanent transfer union as the 'givers' in this new relationship, so that when parliaments return from summer recess they can legitimately enact the legislation necessary to save the euro.

chances of that happening is zero, so more dithering will ensue which will result in bailouts for italy and spain along with the double-dip, and then, maybe, the full integration necessarry to stop this stupidity happening again, and again, and again!