The transfer union is off the table; Eurobonds will not be tolerated; it is doubtful that the EFSF can be enlarged.
What remains? A disorderly rout once the ECB's firepowers is exhausted. Or a European coup d'etat overturning parliamentary sovereignty and constitutions: political will overriding legal niceties designed to protect democracy.
Soon, the EU periphery may face costly chaos or a bureaucratic technocracy with a representative figleaf.
