Good points Chopera. Political will versus market power. A recipe for blood on the carpet.
Nobody, least of all the EU wants to face that confrontation. It was interesting a few weeks to see Angela Merkle cave into similar market pressure when she suggested bond holders should share the pain and have hair cuts imposed.
The Euro tanked and only stabilised when she retracted.
Capitalist market power as it should be. It prevents the politicos from throwing their toys out of the pram.
If market sentiment turns against the Euro in any significant way the politicians will panic and always fall into line.