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European debt and equity markets ended a tumultuous week with a rally on Friday. So shares in the US and across the rest of the world rose too. But the threat of a “euroquake” – a systemic collapse which would make Lehman Brothers look tame – is by no means over. Far from it.

Europe’s leaders don’t know how to solve this crisis because they don’t know what they want. Should attempts be made to hold the eurozone together, with Greece staying in? Or should the threat to expel Athens be followed through, at the risk of causing further defections, with monetary union being reduced to a Franco-German rump? This is an enormous question, which only Germany can answer. Until an answer is forthcoming, chaos will continue to ensue.
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