I preface this chart with one comment:
The European financial system is financially unsustainable, for reasons I have explained before, and reasons which were enunciated at the very start of the Euro project. Without deep, palpable reforms, all “victories” (or partial victories) are just another kick of the can down the road. The route to bedlam is interesting (and contrary to this chart, pock-marked with black swans) but the destination is the key: Europe must choose between meltdown and full fiscal integration. Neither choice is particularly appetising.
From Zero Hedge: