Had Europe faced up to the Greek problem earlier, the crisis would likely be more contained and manageable today. It should have reached a broad pact with Athens by trading growth-promoting reforms for long-term financial guarantees and relief.
But that would have meant telling taxpayers in Germany and other northern European countries that they might have to finance some of the bailout and recovery costs (as they will end up doing anyway). And it would have meant acknowledging that heavily exposed German and French banks might have to be recapitalized at taxpayer expense.
Europe on the Brink: The Debt Crisis - Europe economy crisis documentary