Once the euro is safe, the rest of the euro zone might just conclude that Greece will cause less trouble for the European Union inside the euro zone than outside, where it might sink into the criminal swamp of the Balkans.
Britain's banks have lent heavily to businesses and governments in the euro zone's worst trouble spots, as well as to German and French banks.
Without this federalization, it will agree that countries in the Euro zone that are in trouble must work themselves out of it by traveling the long and unbearable road of austerity.
Ireland, a fellow euro zone peripheral that is also in trouble, has no major hidden liabilities left in its banking system, with pretty much everything now out in the open (as far as we know).
The trouble is that the 17 members of the euro zone, let alone their 333m citizens, cannot agree on who must sacrifice what to allow this new Europe to emerge.
The EU's monitors may be welcomed in the buffer zone around South Ossetia, but they will have trouble getting into the two enclaves.
But it also means that more trouble in peripheral countries could easily spread to the entire euro-zone economy.
Cyprus's financial system is in trouble because of losses from Greek government bonds, inflicted during a euro-zone-led debt restructuring last year, and a quickly deflating real-estate bubble.
City remain in trouble in Blue Square South, in 19th, just two points away from the drop zone.
At this critical juncture, is Germany a locomotive that will pull the EU or euro zone out of its financial crisis, or is Germany leading them to bigger trouble ahead?
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