He has not yet ruled that that ceasefire has ended but it seems he is being brought ever closer to that point - that it is becoming politicallyimpossible to maintain an argument that a cessation is still in place.
Those calling for immediate action may be right that losses should fall mainly on creditors in the form of higher inflation and fiscal transfers since the alternative of forcing citizens of indebted countries to bear the cost of adjustment is politicallyimpossible and likely to lead to a collapse in the euro.
Germany and others argue in this instance that it is politicallyimpossible both to encourage total capital mobility by means of a single currency, while allowing some countries within the union to act as tax havens for the savings of others.
Even if this was legally possible, which it isn't under current euro-zone rules, it was politicallyimpossible: there is no appetite in some euro-zone countries, notably Germany, to create a transfer union, nor to bail out a country whose banking system is widely suspected to be a haven for money-laundering.