There are two versions of the Euro story. The first says that the current crisis is there to enable the Germans to push for fiscal union and thus achieve ultimate control over the zone. Then there is the second version that suggests that the countries of the south plus Ireland, would have to exit the currency and revert back to what they had before.
The reality is that reverting back to original currencies will not let these states reduce their deficits as they will still have to repay back their loans. So it remains to be seen what the final solution is. Its obvious however that Spain is about to collapse and Italy's real problem is beginning to hit the headlines. And there won't be any way in which the rest of Europe can get the Italian economy out of its current state. The truth is some accountant will invent another type of a computer which would allow them to add a few more zeros to the balance sheet and buy a few more years...
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