Nah, there are always other factors but the Euro is clearly the biggest one. There is just no defending of the fiscal streight jacket it enforces in any rational economic framework. I wouldn't overly stress the importance of devaluations, absent stringent currency controls and given the integrated nature of supply chains and the dynamics of the whole beast I really wouldn't expect too much of it. That was one of the weak points of the Greek's left alternative plan. And there were many.

It is a trap. Italy would very much profit from having left the Euro, but actually leaving the Euro is bound to be vastly destructive and traumatic. And of course there are a lot of class interests involved.