[InterceptPoint]

The creation of the Euro had nothing to do with economics. It was all about the Euro elite taking away sovereignty from the member states. Europe was and is a poor candidate for a monetary union.

I believe you are right and we are about to find out.

For the reasons I gave, it seems to me to be impossible for the other members of the European Union to let Greece and/or Spain fail. They could, of course, just continue pouring money down Greek and Spanish rat holes. But if not, there is only one alternative: take fiscal control of the Greek and Spanish government spending. That is, of course, the ultimate sacrifice of sovereignty. Will it happen? It will be interesting to see. The Euro-weenies have two bad choices, the rat hole approach or fiscal invasion of Greece and Spain. Which will they choose? Get out the popcorn.

[Lucius Cornelius Sulla]

But if not, there is only one alternative: take fiscal control of the Greek and Spanish government spending.

The Greek unions are rioting because they do not want their retirement age to go from 61 to 63. Any real austerity would cause a revolution, probably in Portugal and Spain also. Meanwhile German voters do not want to subsidize workers who are less frugal and less hardworking than themselves.