The crisis in the eurozone is critically important for Asia. At a distinguished speaker seminar at ADBI on 1 December 2011, three eminent European economists examined the crisis and put forward tentative solutions. In a post based on the seminar transcripts, one of the speakers, Charles Wyplosz, identifies some of the mistakes that have been made in the response to the crisis and puts forward three scenarios for its resolution. Since late 2009 the European debt crisis has worsened because of the wrong policy responses by European politicians. Some progress has been made but we are not yet there. We have a historic disaster with global implications on the way and unless a miracle happens I am pretty pessimistic about the future.