“What we need to do to avoid having massive losses for the financial system is an orderly restructuring of the public debt of Greece. Stabilizing your public debt-to-GDP ratio at 145 percent is not stability. Calling it stability is a bit of a joke.
The value of the euro has to fall significantly lower, certainly towards parity if not below, to help prevent a breakup of the monetary union. So far the ECB is not recognizing this problem, but they will have to recognize it and do something about it. Otherwise the liquidity crunch is going to get only worse."
Zermatt Summit in Switzerland