The eurosceptic position of leaders in Finland and Germany could lead to a political accident that forces Europe to recapitalize the ECB, according to Wolfgang Münchau writing in the FT.Summary: Eurozone leaders are likely to agree to an additional €30 billion in support for Greece. There is the risk, however, that Germany or Finland reject the deal, based on concerns Greece does not have a believable growth strategy. If default was to result, European leaders would have a new costly problem on their hands, specifically the recapitalization of the European Central Bank. It may also require the monetization of Greek sovereign debt.
It remains likely leaders will muddle through until 2013, however.