Good question, I'm thinking that the EU (because at that point this will have become a political issue) will have to put all its geo-political weight to good us

Good question, I'm thinking that the EU (because at that point this will have become a political issue) will have to put all its geo-political weight to good use and force a debt moratorium, I don't think that just plain old QE (or whatever else they'll decide to call it) will work anymore. That could at least relieve some pressure off Italy, which has one of the highest debts to service from the OECD group.