The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Closure on the euro crisis may at long last be close at hand. There is nothing like a bank failure to resuscitate the dark memories of Lehman's collapse to jolt European leaders into realizing that it's time to stop denying the enormity of the problem. The timing is good too. The decision makers of the world's largest economies will be meeting on Nov. 3 and the agenda in the making looks to be calling for a collective response not just for the eurozone crisis but also to prevent a global recession relapse. By the time these leaders arrive in Cannes for the G20 meeting, they will be fully informed of issues and alternatives because preceding it will be a G20 finance meeting and a meeting of the EU Council. In the meantime, there should be a lot of information passing that will indicate progress and it is bound to be filled with drama, like the last-minute
Another expected topic is a global financial transaction tax. The EU now recognizes that such a tax without global participation will simply lead to investors moving their business to more favorable venues. Europe would dearly love the revenue this tax would generate to help pay for the crisis, but getting dozens of sovereign nations to agree to a global tax is very unlikely. On Oct. 17 and 18, the EU heads of government will meet. This agenda is sure to include a possible Greek debt restructuring. Instead of the "we will never let Greek default," the conversation has switched to relying on the advice of international auditors. If they advise on restructuring, the next topic will be how to make it orderly to minimize collateral damage. At this meeting, the topic of bigger haircuts for the Greek bondholders is expected, as is recapitalizing European banks because these are Greece's largest bondholders. This agenda is sure to discuss tighter EU integration that could allow for a Eurobond, but this requires a unanimous treaty change. The purpose at this meeting would be to get a ball rolling to make this a longer-term possibility. On Nov. 3 and 4, the G20 heads of government will meet. Collective decisions among sovereign nations are always unpredictable affairs. However, because, like 2008 there is plenty of pain to go around, participants are motivated. Any response from the G20's 10 emerging nations though is likely to involve caveats. In the 2008 to 2009 response, these nations believed that their assistance in the financial crisis would give them greater stature at the G20 table. It didn't quite work out as planned. They may be more demanding this time around. Some of the items that the 10 developing world members care about, like poverty reductions and more open markets for their goods. may get more attention than they have in the past. In the last G20 meeting in Seoul the U.S. suffered a significant backlash from initiating QE2 which wreaked havoc on many emerging-market currencies. They are sure to weigh in on QE3, too. Many uncertain issues, such as all of the above, should gain clarity in the coming weeks, and it is possible that the euro crisis will finally have a containment solution that the markets can believe in. In the meantime expect lots of drama.