There has been some discussion that rather than have Greece default and return to the drachma, the issuance of Euro bonds by their central bank is likely to be considered again. This would be akin to US treasuries and has been rejected in the past by both France and Germany.

Since the leftist Hollande is going to be the new French president, he is in favor of this alternative leaving only Germany against the proposal. If passed then Grecian bailouts would proceed under this scheme.

The downside would be immediate depreciation of the Euro and massive appreciation in gold and silver, probably to $2500.00 within months.

Desperate times call for desperate measures!