It may come sooner or later, the Germans might be able to arrest the fall for a short time, things will possibly get better once the recessions ends and people will forget... but long term this Euro dream will end.
The Germans can't force the cultures of Greece, Italy, Portugal and Spain to conform to her value system. This is in reality a “cultural” issue. Everything South of the Alps is a lost cause. Eventually this will implode on itself if not today, then in 20-30 years.
Southern Europe will revolt and go its own way. The only way the EU Commissars can impose iron-fisted rule from Brussels is to suspend democracy throughout the European Union. EU bureaucrats have to destroy Europe in order to save the vaunted Euro.