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As the Europeans meet and speak and summit, it becomes ever clearer just how intense and complex matters have become. Later in June, Greece will determine whether it will stay in the eurozone or perhaps even exit the European Union. In or out, Europe and Greece will have to cope with the aftermath of the decision. Even as Greek questions remain open, a broader drama has grown around recent proposals for the union to issue eurozone bonds that would draw on the generalized credit of all members in common. Though Berlin will likely block such efforts, the negotiations could put Germany in such an uncomfortable position that it will offer other forms of compromise, perhaps by softening its position on austerity or by contributing more generously to the European Stability Mechanism.

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