Yet, the globalization of finance means that no major country goes unscathed by a GIIPS restructuring.

FORBES: Lessons For U.S. Bondholders In The Greek Debt Spiral

Second, he needs to mark all GIIPS banks to market, imposing haircuts on non-depository creditors.

FORBES: Mr. Draghi's Dangerous Confidence Game

Hence, GIIPS central banks can effectively force the Bundesbank, et al. to lend to GIIPS banks, non-banks, and households.

FORBES: Mr. Draghi's Dangerous Confidence Game

First, he needs to orchestrate partial, but significant defaults on GIIPS debt that leave the GIIPS fiscally solvent even if their economies take years to recover.

FORBES: Mr. Draghi's Dangerous Confidence Game