They need to assume some form of joint liability for debts, with only the well-behaved benefiting from the shelter of Eurobonds.

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The U.S. Tax Court has repeatedly come to the rescue of abused women and relieved their tax debts despite joint returns.

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But there is no strategy on the bigger question of how and how far euro-zone countries should go towards joint liability for some debts.

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This instrument must involve some joint liability for government debts.

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"A joint liability for others' debts is not acceptable, " she said.

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Rather than issuing new national government bonds, everybody, from Germany (debt: 81% of GDP) to Italy (120%) would issue only these joint bonds until their national debts fell to the 60% threshold.

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