Thanks for the help. As you say, original detractors emphasized that Greece was at most a little over 2% of the EU economy but we've all seen how one bad apple can take down the whole barrel. Perhaps they need a stronger ECB. DSK was doing a commendable job holding it together until he got stopped in NY.
There are benefits to delayed actions..it helps people/banks/countries prepare for when unpleasant actions are required. In this specific case, it seems (from reading) that they are trying to buy time to make sure Spanish banks can mean newly set (and much needed) capital requirements.
I read at a financial analysis, that Italy experienced the most massive capital escape of it's recent history, so it is not that _nothing_ has happened, only probably it happened "behind scenes".
I agree that the core problem is the lack of economic unification.
The problem is not an economic problem but a political one. The cost of Greece bailout is a rounding error in Europe's total budget, the test ahead is about how the EU can start unifying the economic policy and grow more cohesively.
Lots of countries gave up monetary control power but without a unifying economic government body it's absolutely impossible for the weakest links to survive with all their issues without some help.
Lack of real unification is the problem, not economy per se. I think this is your point somewhat, am I right?