These loans won't happen until Europe get's a handle on their debt crisis but I suspect that's right around the corner as their balls are to the wall now. If the contagion can be contained a Greek default will be a non event.
The world has seen it all before. In 1982 Mexico, Argentina, Poland, Rumania, Peru, Vietnam, Costa Rica, the Sudan, Zaire, Bolivia, Pakistan, Togo, Senegal, Honduras, Madagascar, Guyana, Malawi, Sierra Leone, Uganda, Liberia and the Central African Republic all were in de facto default in that same year! Global connectivity wasn't what it is now and we weren't coming off a near global collapse either but still many thought it was the end of the financial system as many now think... But it wasn't.. Nor is it now I suspect. I'm not so worried about Greece or the Eu as their wounds are self inflicted by rate raises and austerity both which are easily reversible and growth cures all.. I would be more worried if the EU were trying to spur growth and it just couldn't.
If we kept it real U.S. banks have 10 Trillion dollars in deposits (yes 10 trillion dollars) so they can fund U.S. growth on their own right now if they had the incentive to do so and operation twist #ithink is just that incentive...