Germany and France can't borrow or tax enough to cover all the debts of their southern neighbors.
In fact, it's borderline laughable that France is taking such a prominent position in that their total debt (80% debt to GDP, the same as Portugal's) and deficit to GDP (8%) is high as well.
If you wanted to be a pessimist, you would conclude one of two possible endgames:
One would be that without a spurt of growth that would be counter-intuitive with austerity being proposed, there have to be sovereign defaults or at least restructurings of debt.
The other would be to reflate your way out of the situation and print lots of Euros and the hell with fiscal discipline.
The latter is not likely with the German collective memory of hyper-inflation following World War I.
So without adherence to a severe austerity program, chaos could loom.