the EU's new round of QE is a round of desperation. The problem seems to be that the greeks are publicly admitting they are bankrupt and they cannot pay their debt. If they continue the road they are on with austerities then the greek people will suffer for years and years and possibly even more years. If the greeks default then everyone holding their debt will lose. If the EU gives in to restructuring greek debt without austerities then other EU countries will want the same treatment. If the greek exit the EU then we will could start to see a stampede out of the EU by other countries facing the same problems. I think we are watching the start of the world economic crisis.