The global markets are on tenterhooks waiting for the European leaders to come to some definitive plan of action to secure the European banking sector and provide relief to the problem of sovereign solvency issue of the so-called PIIGS. This problem has plagued the financial landscape since January 2010, when the Chinese SWF failed to buy a Greek 25 billion euro bond offering. When China didn’t fund Greece, the spotlight was directed to the European debt markets and the result has been a steady decay in the value of the sovereign debt of the European peripheries. After previous crisis meetings to stem the debt crisis, the time has come for the EUROCRATS and their political leaders to provide a program that has some genuine credibility.