On May 6, all eyes will be focused on the second round of the French presidential election, which Socialist challenger Francois Hollande is likely to win. Equally important for Europe’s future is the Greek parliamentary election scheduled for the very same day.

At best the IMF-EU bailout package will stave off a disorderly Greek default for three to six months....

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

The rescue offers Greece the opportunity for an extended struggle to settle for slow economic growth for an extended period. This debt crisis is not over...

Whether through bailout fatigue, austerity fatigue, or a full-blown bank run, Greece’s exit from the euro is now inevitable.

With each passing day, Greece's economic and political malaise deepens despite one massive International Monetary Fund-European Union bailout package after another to keep that country afloat.

An early exit from the euro now would be preferable to Greece going through another few years of wrenching recession only to find later that it did not have the ability to tolerate the rigors of continued euro membership.

If past performance is any guide, one has to wonder whether this will be yet another doleful instance of domestic political constraints, especially in Germany and France, resulting in a "too little too late" European policy response to an ever deepening crisis.