I am not thinking of a bailout as much as I am of them being propped up. Ain’t enough money to bail them out, so either they are propped up or a very carefully done bankruptcy to re capitalize them. Only time will tell what will happen. If they try a bail in I think the average German depositor will raise hell.
Bankruptcy is always an option but the central banks are loathe to allow it. For example, Greece should have declared bankruptcy long ago. I’m not exactly sure why, but I suspect that the canceling of the debt, of even a minor player like Greece, would start a world wide bankruptcy spiral.