Seen this way the 'sovereign debt crisis' is less a crisis of sovereigns than a crisis of the ability of sovereigns to bait and switch private debt for public debt on behalf of the biggest European banks. The consequence of which is not just the unfairness of the put on the taxpayer, or even the pointlessness of sustained austerity as a growth formula. Rather, it's the fact that in enabling the bait and switch, European banks inadvertently turned their home into subprime CDO.
http://triplecrisis.com/how-to-turn-a-continent-into-a-subprime-cdo/
Capitalism has eaten up whole societies and now its eating itself
CG