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The solution can come only from a combination of two instruments - debt monetisation through the European Central Bank and default into the European Stability Mechanism, the €500bn rescue fund that becomes operational in July.
In practice, any resolution of the crisis will involve more of the latter than the former.
New Delhi also sees Tehran as an important strategic ally, as the Islamic republic offers India access to Afghanistan - where it is playing a role in the fight against the Taliban and rebuilding the country - bypassing its bitter rival Pakistan.
However, New Delhi's defiance would be embarrassing for Washington, making it harder for the US to put more pressure on China to cut its oil ties with Tehran.
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