Moment of truth is coming sooner than later looking at what Mario had to say, "speaking to the European Parliament, Mr Draghi said: "Can the ECB fill the vacuum of lack of action by national governments on fiscal growth? The answer is no. Can the ECB fill the vacuum of the lack of action by national governments on the structural problem. The answer is no."

"The next step... is to clarify what is the vision a certain number of years from now. The sooner this is specified, the better it is."

To top it up EU economics commissioner Olli Rehn said more austerity was needed if the eurozone was to avoid disintegration.

More here

Leaving you with very few options, clearly there will be no euro central bank lender of last resort to fund public spending through devaluation and more indebtness and no eurobonds to fund and lower cost of unfunded public spending through gen. gov. deficits with a clear warning from a commissioner that failure to enter an appropriate fiscal path to restore funded public spending in countries running deficits will lead to the end of the euro.... as it is or may be was.