Europe does not have not a liquidity problem.
It has a solvency problem.
You can fix a liquidity problem with credit. You cannot fix a solvency problem that way.
Solvency problems are solved by bankruptcy.
There is no way to patch up Europe. The entire system needs to reboot for the reason two comedians understood two years ago.
Question: If the comedians understood it, why can’t the bankers and financial news media?