This will cause the early 2012 acceleration of EU zone banking problems - the more these new fixes fail the closer we get to major meltdowns.
Part of me always figured they'd have enough money to ride this one out. But the grinding logic of a currency union will eventually win out, that logic being that only one place within the union can be dominant, while all others must be subordinate, including economically so. It's one thing if it's a recognized nation, and even then there's frequently frictions between the different parts if they're in any way different ethnically or linguistically - see Catalonia in Spain and of course the Flemish and the Walloons in Belgium. (Czechoslovakia broke up on these lines right after the fall of communism, as did, more famously, Yugoslavia.) It's another thing entirely if you're talking completely different nations who are used to being sovereign, and not used to the idea that they can no longer be masters of their own fate. As Germany continues to slowly rise, and everyone else finds it more and more difficult to have even fleeting moments of prosperity, the people themselves will, if their leaders don't, force this thing to break up. They can either plan for it now and do it logically and with minimal damage, or they can wait for the inevitable rebellion. What's happening now is that even the regions within these eurozone countries are getting restless, as in the previously mentioned places and northern Italy in relation to southern Italy. The breakup could be a lot more interesting to watch than any of us is anticipating if this keeps up.