For all the apparent disagreement I think it's been pretty well established that the Eurozone cannot work as structured and with its current membership.

At  which point one wonders if the inevitable conclusion is not that the Eurozone will shed its members one by one until all that's left is, well, Germany, the Netherlands, Finland and Luxembourg.

The problem is that it's one thing to say that the countries South of the Alps should never have joined a currency union with Germany, and a very different thing to say the proper thing to do now is to throw them out. But that's what appears likely. And the rump Neurozone would probably not enjoy having their currency appreciate by maybe 50% with respect to the old broad Euro average.

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