That, however, is easier said than done since there is no blueprint for exiting the euro, never mind that most commentators argue it is the euro which is behind the Greek and other crises – without a strong euro, these countries would devalue currencies and export their way out of trouble. That may have been true before the euro came into being, question is how do they get out? For one, there’s political paralysis—Berlusconi, for instance, hasn’t quit and will do so only after a while; even if he did, getting a new coalition of the willing will take some time, even assuming its ability to get reforms through will be higher. Second, how is the interim to be negotiated? If Greece leaves the euro (how many forms will need to be signed, and by how many in bureaucratic Europe, to allow a new drachma to come into being?!), this will devalue rapidly and help Greece regain its competitiveness—but who will protect Greece from the run on its banks as existing depositors run to take their euro out? In the long run, the two-speed solution is probably the one that needs to be worked at, but for now the only way to keep things orderly—remember the domino that Lehman set off?—is to backstop all crisis countries through the ECB while allowing the austerity measures to start working, and that has to include very large-scale privatisation at distress rates. Given the lower and lower chances of rational behaviour, India needs to firm up its Plan B with aggressive reforms, privatisation and lowering government states in PSU banks if it doesn’t want to get sucked back to the old Hindu rate of growth. And all this needs to be done by yesterday.