Some finances such as the Germans still have some credibility

Jim Rogers : Jon, how can they not? How can they not? Are you going to put- I'll ask you again, are you going to put up the money because I'm not. Eventually, letting these debts go higher and higher and higher means the pain will be worse in three years, Jon, or five years or whenever the market says, that's it, no more. Now at least if you do it, the government still have some credibility and some finances such as the Germans. You put everybody in the room, you say, okay, you're going to go bankrupt. Your banks, Europe's financial institutions has got to survive. Everybody's checks will continue to clear.The system is going to stay up, stay stable and stay upright. ...in five years, there would not be anybody to pull into room and say, okay, we're going to hold you together. Nobody will have any credibility anymore. - in Reuters Interview