Most Americans have never heard of the Dexia Group, a Franco-Belgian financial company that could be the next big turning point in the European debt saga. Dexia has already been rescued once, as France and Belgium stepped in to provide guarantees and liquidity to keep the troubled group alive.The ever-helpful though not always cheerful FT reminds us that the cost of the Dexia bailout could be 15 percent of Belgian GDP and 1.7 percent of the much larger French economy. Why should you care?Because it was guarantees to failed banks that took down Iceland and Ireland back in the early days of what looks less and less like a financial crisis and more and more like the new and very unpleasant normal. Belgium could be toast if Dexia goes, and France could well face a downgrade that would affect the strength of the EFSF and make a general European meltdown that much more likely.With the German bond auction failure on Wednesday and no real progress over there on Thursday, Europe is coming closer to some kind of decision point. The Germans and the French still seem to be playing chicken with each other and the future of the eurozone; given the stakes it is reasonable that both sides want to play hardball, but the risks of a colossal misjudgment and meltdown remain uncomfortably high. It’s not entirely clear that the politicians appreciate and respect the ferocity and speed with which a crisis can whip through the financial markets, or how hard it can be to put Humpty Dumpty back together once he’s been allowed to fall.For now we wait, we watch, and we make sure that our money is stored somewhere safe.