Barely had the conference call ended that secured Spain a €100bn lifeline than the deal started to unravel. Imagine a waveform oscillating at first gently with low amplitude and frequency; the bail out sums are relatively modest, and the effects last for months. As time goes on the amplitude and frequency increase to the point where hundreds of billions are moving to secure effects that last for days only. This is the end phase, just before the waveform collapses in chaos.
So far the game is playing out with just the financial sector and governments as actors; so far the big industrials and corporates have been pretty quiet. Whereas the UK has only 4 non-finance firms in the global top 100 (BP, Tesco, Vodafone ...) Germany has at least 8 (Volkswagon, Daimler, E.ON, Siemens, BASF, Deutche Telekom, BMW, Deutche Post ..) and many of these have been hoarding cash. I have a hunch that there's a point at which these will come into play - but not to save the banks.