The experts who devised the euro currency were naive...

The Euro Is a Frankenstein Currency

by Mark W. Hendrickson 

...as pathetic as Federal Reserve notes are, the euro is even worse, because there is no entity whose “full faith and credit” lies behind the euro currency. 
Each more hopelessly indebted than the other, 17 countries use the euro. Which of their governments can command sufficient economic resources to bail out zombie banks and bankrupt sovereign treasuries?
Like characters in Jean-Paul Sartre’s grim play, “No Exit,” the people who use the euro currency are trapped. Either member countries will abandon the euro, in which case banks, governments, businesses and individuals go through a wrenching period of defaults, write-downs, “haircuts” and bankruptcies, or they lurch onward toward an unviable fiscal union in which Germany, Finland and the few relatively solvent economies are crushed under the unsupportable weight of being expected to bail out the relatively bankrupt countries.

Read more: www.visionandvalues.org