In reality, therefore, there is no choice. In its present form, the euro is finished. That leaves an almighty problem: what happens next? No one has yet come up with a plan for an orderly unravelling, which is most unlikely to happen. The probable outcome is defaults and a further banking crisis. That could already be imminent. For months, it has been apparent that many continental banks were naked emperors, whose capital ratios were sustained only by fantasy valuations. (Those responsible should not be in a madhouse. They should be in prison.) But it does eventually become impossible to blur the distinction between a bank balance sheet and a nudist colony. There are strong rumours that a couple of important banks are on the point of collapse. If that did happen, where would the panic stop? At moments, it seems as if we had created a problem whose solution is beyond the power of the human mind.