The actions and chatter suggest something is coming soon.
1. Dexia shows the willingness of the Governments to take action for an orderly break up. (If the EU leaders are not willing to be a head of this thing, the bank runs will force them to take action. At this point, its a welcome development.)
2. Countries are being satisfied with the EU providing collateral. (Although this is purely political.)
3. The EU folks are preparing the credit holders for a bigger hit since July 21st. (This is already being factored in by the credit markets.)
We also have the amended EFSF, but have only seen speculation as to how it will be used. With bank runs, I have a feeling we will find out soon enough.
Action (possibly on a Greek restructuring and EU wide bank re-capitalization) feels like its coming.