Something concrete finally came out of a eurocrat summit. The Germans said no.

The news that's shaking markets this morning isn't necessarily Greece, though it is inextricably linked, it's that the Germans stood firm in their stance against offering eurobonds as a solution to the sovereign-debt crisis. Eurobonds, backed by the euro zone, would allow countries to raise money at reduced prices.

This news didn't sit well with markets. The euro fell to nearly a two-year low, safe-havens like government bonds out of Germany, the U.S., the U.K., Finland, and the Netherlands all rallied, and stocks fell across the board. Dow futures are down 60 points after earlier falling 100; S&P 500 futures are down 6 points.

Hey, give the Germans credit for showing some backbone. The problem is, though, this leaves Europe at another crossroads; only there's no road on the other side.

There have been two main responses to the crisis: austerity, and kicking cans down roads. Austerity, in case you haven't noticed, is so last year. It's out. Which means that unless something else is found, some other comprehensive plan, the other main response, can kicking, is going to run out of road.