Desmond Lachman : European policymakers finally facing likelihood of Greek default . Comment: He says action difficult politically , bailout unpopular , so they have not taken any concrete steps yet . Lachman : Policymakers must act to create `` firewall '' to prevent Lehman-style crisis .
Desmond Lachman : European policymakers finally facing likelihood of Greek default . He says they know they must recapitalize Europe 's banks to stop `` contagion 's '' spread . He says action difficult politically , bailout unpopular , so they have not taken any concrete steps yet . Lachman : Policymakers must act to create `` firewall '' to prevent Lehman-style crisis .