Fearing the fallout should a member-country leave the euro, the International Swaps and Derivatives Association (ISDA) is putting together a committee to study the impact--after a number of requests from members. And according to the FT, a number of banks have begun prepping for such a contingency, as well.

Concerns have grown that a member might be forcibly ejected from the eurozone in light of conflicting eurozone-wide views on implementation of fiscal and monetary reforms necessary to bring member-states out of the growing sovereign debt crisis that is threatening the region.

For the past year, it has become fashionable for pundits and so-called political experts to predict the inevitable demise of the US and the end of the dollar as a reserve currency.

They assert the leaders of the global economy will shift to China and some of the other emerging markets.

Corporate banking professionals are less pessimistic about Greece's financial condition than investors are, according to surveys by Bloomberg and by our editorial partner, the Benche, a website sponsored by the Swedish bank, SEB.

According to the Benche, half of its registered members, who work primarily in corporate banking, say Greece will fail to make timely payments of interest and principal on its debt.

As a follow-up to yesterday's rant, I see that investors are applauding the moves of European governments to reduce their budget deficits, as if the answer to deflation is more deflation.

Hasn't anyone ever heard of Keynes and the false dawn of 1937?

The ECB and IMF stabilization package and austerity measures now being enacted in certain eurozone countries have brought into question what the longer-term repercussions could be of a single focus on debt reduction – without a complementary focus on building growth.

Alessandro Profumo, CEO of European banking giant Unicredit and president of the European Banking Federation, brought up this very question in a piece in today’s FT. Said Profumo: “The issue for me is that this significant public debt can be repaid only with more growth. And in order to have more growth, I think we cannot do it with debt. I think we need more reforms and, for instance, more Europe, an integrated internal market.” Without a bifurcated response the risk is that growth will be much slower in coming, which will continue to depress Eurozone economies – and having a knock-on effect on global economies - for some time to come.

The European Union has finally stepped up to the plate with a bailout package for member states - after months and months of hemming and hawing - and it only took the potential bottoming out of the euro and fears of another global panic to light a fire. Never mind troubles in Greece since last November, never mind Ireland, or the UK, or Portugal or Spain.

The bailout package agreed by EU finance ministers early this morning will supply countries in the region with up to $560 billion in newly-minted loans and $76 billion available through a current lending program. The IMF will also front up to $321 billion – making a total of $957 billion in loans available to help shore up ailing European economies.