Well, I guess I was kinda hoping that there would be some kind of Deus ex Machina that might pull us out of the situation, but it's looking less and less likely. Two quotes both from the gold ole' Torygraph, in this article and its counterpart from Jeremy Warner.
"Contingency planning is in progress throughout Europe. From the UK Treasury on Whitehall to the architectural monstrosity of the Bundesbank in Frankfurt, everyone is desperately trying to figure out precisely how bad the consequences might be. What they are preparing for is the biggest mass default in history. There's no orderly way of doing this. European finance and trade is too far integrated to allow for an easy unwinding of contracts. It's going to be anarchy."
Brogan then chips in:
"The Economist, with its cover of a euro coming down in flames, asks 'Is this really the end? and answers that, basically, yes it is. A senior minister explained to me a few days ago that contingency planning is now well underway, and takes in both preparations at home for a shock on the banks and work with consulates and embassies abroad, specifically in the eurozone, to anticipate social and banking disruption when it all goes wrong. The betting in Team Dave seems to be that the game is as good as up for the single currency. "It's in our interests that they keep playing for time because that gives us more time to prepare," the minister told me."
This is not going to be fun folks. We paid a lot for the ticket, and the show is no good.