Munchau on Greece's financial crisis

What are the risks for Europe of Greece's financial crisis?
What are the options available? Munchau identifies 4:
-Greece defaults, and is bailed-out by the EU
-Greece defaults, and is not bailed-out by the EU
-Greece makes painful cuts to public spending, and raises tax levels
-"a fudge", some headline changes are carried out, but the problem is merely postponed


FT.com / Columnists / Wolfgang Munchau - Spartan solutions from Brussels will be fought by Athens