Spain, Portugal and Italy are waiting in the wings.
The EU has no constitutional way to cut Greece loose or any of the others
I find it hard to imagine that sunny Greece is the straw that would break the euros back. but Spain is a different matter.
You are correct. However, I read that a possible way to get around the EU Constitution on this is by instituting a two-tier Euro; a Southern Euro and a Northern Euro, each allowed to float up or down to it's natural value independent of the other. It's essentially a method of creating separate monetary systems while staying within the EU's legal structure. Guess it may be the next best thing to booting the PIIGS out and letting the flounder on the backs of their own curriences. Don't know......
You are correct. However, I read that a possible way to get around the EU Constitution on this is by instituting a two-tier Euro; a Southern Euro and a Northern Euro, each allowed to float up or down to it's natural value independent of the other. It's essentially a method of creating separate monetary systems while staying within the EU's legal structure. Guess it may be the next best thing to booting the PIIGS out and letting them flounder on the backs of their own curriences. Don't know......