The Europeans have come through restructuring Greek debt. They're basically lowering the interest rate and extending maturities to 30 years with most of the interest payments backend loaded. It's a default period. But, stock markets love this stuff which means QE in Europe is in full swing. And, the Europeans weren't kidding when they said they were going to support the euro and the EU "no matter what it takes". So, we're back in a Moral Hazard situation where short-term thinking, which may work in the short-term, is pushed to the next generation.