It seems to me the most feasible task is to save as much as possible of the EU itself. The most feasible path to such an outcome would be for Italy to join with Portugal Greece and Spain and simply declare their own version of EURO, a SEURO, with their own SECB. They should invite any and all existing EMU members who wish to join their monetary union which would be run along lines appropriate to the needs and conditions of the members, including some form of shared unemployment insurance, retirement income and health care, which would immediately provide an internal recycling program, and have monetary policies helpful to generating growth in all member states.

If need be such a union could start with just Italy, Greece, Cyprus and Malta. They could join payments clearing systems already in existence but separate from the BIS, such as the existing ACU. Members of such a SEUR union would almost immediately experience a great improvement in their terms of trade and find their products very competitively prices, especially with their EU counter-parties. New SEURO members would have to just act, regardless of treaty obligations, asserting their sovereignty.

I believe that such action would quickly lead to many other EU members coming under great pressure to join the SEURO and expose the leaders of the remaining EU members as servants of Germany and/or elite interests in total disregard for the needs of the citizens.    

"It is not necessary to have hope in order to persevere."