what we are seeing IS an oil crisis - peak oil translates into higher prices, which eventually causes lower demand (in those countries which are price sensitive, i.e. mostly the Western world, as a large portion of the emerging economies subside fuels) - and this is accompanied by widespread pain, as people have to do with less, or with more expensive oil, and need to reduce their consumption of everything else as a consequence.

As JakeS puts it,

Talking about oil as if it had anything to do with why the Euro failed leaves the reader with the erroneous impression that the Euro would not have failed if oil had been plentiful. And that is not the message you want to push. Because it's not true, and it's not true in ways that lend support to stupid policy conclusions.

the kind of capital expenditure required to move Greece - and Spain and Portugal - away from being a oil-exposed economy is exactly the micro-economic stimulus needed to help kick-start the economy.

As a result, we will see Germany and the Netherlands using their trade surpluses to fund renewable energy development in the North Sea while pointing fingers at the Mediterranean countries for staying backwards, undeveloped, indebted and oil dependent.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker