William Galston wants Obama to act:
Until now, the ability of the United States to influence Eurozone policy has been modest, and many of our efforts to do so have produced resentment. So what is President Obama to do? If he believes, as I think he should, that the global economy, U.S. economy, and his own electoral prospects all hang in the balance, then he should call Merkel and propose a quick summit between the two leaders and their respective economic teams. He should come armed with a menu of concrete steps that the United States and major international institutions would be willing to take if Germany were to change course.
He should appeal to Germany's self-interest as the major beneficiary of the expanded export market the Eurozone has created. He should remind Merkel of the sacrifices that the United States made over many decades to help build a Europe that is free, whole, and united. And he should make it clear in private, and announce in public, that from the American standpoint, what touches all concerns all: Chancellor Merkel is not free to proceed as though the current crisis affects only Germany (or Europe) and the rest of the world has no legitimate say in the outcome.
Felix Salmon calculates the chances that a Grexit decides the 2012 election.