European policy makers end August with 15 days to justify bondholder optimism that they can deliver lasting solutions to the debt turmoil.

September offers a microcosm of three years of crisis-fighting. The next two weeks may feature fresh anti-contagion measures from the European Central Bank, a possible aid request from Spain and insight into whether creditors will ease Greece's bailout terms. German judges and Dutch voters also get to proclaim on the euro's future.

At stake is whether politicians and the ECB can extend a summertime shift in borrowing costs by convincing investors Spain and Italy are protected from the rot and the euro is secure. Since ECB President Mario Draghi's July 26 vow to do “whatever it takes” to defend the currency, Spain's 10-year bond yield has fallen about half a point to 6.52 percent, while that of Italy has declined by a quarter-point to 5.81 percent.