The old shell game

Richard Fernandez has a great line about the financial situation over in Europe:

Perhaps the deep dark secret of the financial crisis is this. Nobody is bailing anybody out. They are simply moving the debt around like a pea under a shell, keeping just one step ahead of the crunch. Maybe this explains why, despite the trillions of dollars in disbursements, rescues, restructuring packages and bailouts, the water in the European hold is just as high as it was before. Just as high and rising.

Or is it just a high stakes game of hot potato.  At some point, the music stops and someone will be left holding the bag.  Of course, the bag will be filled with worthless IOUs, but hell....let's just keep bribing the orchestra to keep playing.