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  There is indeed a very serious crisis but it would be easy to work it up into an even worse one. The points you make are valid and as I said on my blog a lot of economic mismanagement is coming home to roost. 'Printing money or QE as it is now known in its modern form is inflationary and is not by any means a free lunch.
  
  This comes back to my point - governments have to cut their spending dramatically far more than is currently planned. The Euro region needs to be dismembered into two or maybe three smaller sub-currencies to allow the weaker economies to float and then they may be able to start a recovery, something that will not happen unless they are freed up from the Euro yoke.
  
  This is very much the making of ill-considered public policy by politicians of many countries living for too long on a fantasy island of debt and excessive spending. The party is well and truly over. The sooner this whole mess comes to a head the better and the sooner recovery can commence because until it does the confidence will not be there.

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