a) print ?The political committment to the Euro is sufficiently strong that I can't see (c) being allowed to happen as it would unravel the whole thing.
b) bail out Southern Europe ?
c) neither - at which point defaults start, absent
d) Euro-area fiscal union - with Germany running the show hands-on, because while they may trust the Irish, Dutch and Finns, they can't trust the Greeks or the Italians, and maybe even the French ?
In the short run I'd say (b) leading to (d) in the long term.