Well, what's keeping the Euro so high is our devalued dollar. If we could mitigate our debt a bit, I'm sure we'd be back in the game with the Euro.
Since Germany and France are already ignoring debt limits, this crediblity issue is over.
Right. I remember a German FReeper argued that that move represented a complete breech of the trust that is needed to keep a currency afloat. Thus, he said, the Euro will die: it is now a matter of when.