Greece's failure will invite a sustained speculative attack on Spain and Italy which would probably require coordinated actions between European and non-European (i.e. American and Chinese) governments to stop.

I agree that the crisis is a matter of misaligned incentives, but I include politicians and bureaucrats from pretty much every country in the set of those who have directly misaligned incentives (i.e. not just indirectly misaligned by campaign contributions from wealthy bankers), so I have very little faith in the ability of regulation to solve the problem.