How to Save the Euro

At The Economist, "It requires urgent action on a huge scale. Unless Germany rises to the challenge, disaster looms":

SO GRAVE, so menacing, so unstoppable has the euro crisis become that even rescue talk only fuels ever-rising panic. Investors have sniffed out that Europe’s leaders seem unwilling ever to do enough. Yet unless politicians act fast to persuade the world that their desire to preserve the euro is greater than the markets’ ability to bet against it, the single currency faces ruin. As credit lines gum up and outsiders plead for action, it is not just the euro that is at risk, but the future of the European Union and the health of the world economy.

Keep reading. The piece keeps mentioning the "restructuring of debt," which follows from the fact that some European states simply can't make good on their obligations, and sovereign default would hammer commercial banks and cause even deeper economic turmoil. But the larger issue is whether EU members deal with the crisis in multilateral fashion or retreat to narrower self-interest, casting off Greece to its own misfortunes, and so forth...

RELATED: At New York Times, "Suddenly, Over There Is Over Here" (via Memeorandum).