Bailouts for Spain and Italy might be required, dwarfing the cost of keeping Greece in the euro-zone fold and possibly fracturing the currency area.

WSJ: Greece Deserves Credit, but Debt's an Issue

European federalists know that the single currency zone will need at least a ten-fold increase in direct EU taxes (currently 1.28% of GDP) for there to be any prospect of European social stability.

BBC: Simpson: Bonfire of insanities