Buiter on the Euro Area Crisis

here:

"Two important parts of likely processes that will lead to a resolution are being held out by the refusal of the ECB to lend its support to necessary recapitalisation of banks through debt to equity conversions or the restructuring of sovereign debt. So it is not just that 27 countries are hard to coordinate...there is also wilful procrastination, ignorance and lack of leadership." (around 9mins30)