I am convinced that Madoff has been released from jail in America in order to become a financial consultant to the EU Finance Ministers in Brussels.
What is taking place has all the tell-tale signs of a giant Ponzi scheme. One country is borrowing money from another country to lend it to a third knowing that there's not a cat's chance in hell of it ever being paid back. The third country will then pay it to a fourth country to whom it owes money who will lend it back to the first so that it can make it available to yet another country so that they, in turn, can re-cycle the money around a few more countries. The net result will be that no one will know how much is owed by anyone, but one thing that we can be sure of is that during these transactions quite a few Eurocrats will become quite wealthy as the money gets attached to sticky fingers during its travels.
Yes only Madoff could organise this as I doubt if the Ministers have enough brains between them to organise such a scheme.