As the euro crisis deepens, at least Spain is enjoying some relief in the other Euro, the footballing one, with the national team qualifying for the final. Fans must be wishing their country’s bankers were as skillful as the likes of Xabi, Casillas and Fabregas.
Football fever is also gripping Germany who face Italy in the semi final on Thursday night, but in any game if there is a winner, there has to be a loser.
And when it comes to pooling eurozone debt via eurobonds, the winners would be Greece, Italy, Portugal and Spain who would see borrowing costs come down while for Germany and Luxembourg they would go up.
A more acceptable alternative for Germany could be eurobills, effectively 12-month bonds.
Also under discussion will be a stricter adherence to single currency membership rules. Many, such as the debt ceiling of less than 60 per cent of GDP, have been flouted by virtually everyone since the introduction of the euro.
As well as helping create the current crisis, that lack of fiscal discipline is also a major hurdle to getting out of it according to some.
It is a major reason why, for example, the head of China’s giant sovereign wealth fund says he would not be putting eurobonds on his shopping list.
Lou Jiwei told the Wall Street Journal earlier this month: “The risk is too big and the return too low.”
So even if European leaders do overcome their divergences to create some form of eurobond they may not find any buyers.