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.
The moochers will try to hang on too, because after all they want to keep milking that cow. Germany as France will try to float their Euro and want them in too because after all this is about open markets, volume of markets, harmonization of rules and taxes etc. They don't want to see this sink.
Unlike NAFTA, the Euro’s went to a complete integration (typical with their way of thinking - centralize everything and have a bureaucrat and government administer it) and this simply does not work may in be China, the former Soviet Union... Culture/history matters and Europe may want to deny it, but if the controlling mechanisms were removed, the Serbs would start wiping out the Bosnians tomorrow. It's simply a big lie held together by smoothing things over, denial/suppression/ignoring, and compromise. But the Greeks will be the Greeks even if they use a Euro as their currency. For example: http://www.transparency.org/policy_research/surveys_indices/cpi/2010/results Will giving them a Euro as their money make them less corrupt? How about if they sign some agreement or contract?/sarc When they formed their Euro zone they never really considered the impact of culture and simply plowed forward with some pan European dream where they were going to push every other nation into the square German hole, buying them off along the way, which ain't gonna work. They all want the benefits like every social welfare recipient does, but no one wants to pay the price or really change who they are and how they do business, and that's why it will fail. But the Germans are stubborn and stoic, so they will fight this out till the bitter end, because “cutting your losses” is not something they are good at doing.
The Euro’s would have been smarter had they formed a smaller but more viable economic zone where you have greater cultural ties, rather than grow this beast into something unmanageable with highly diverse cultures.