Is the Euro well and truly buggered?

Walter could give you a more reliable answer, but my understanding is that the 1919 Versailles Treaty imposed on Germany was so catastrophic for its people that it directly led to Weimar hyperinflation - * * *

Chancellor Merkel said that Greece would receive support in its efforts not to leave the eurozone. Not the EU.

BRUSSELS (Reuters) - If Greece decided to leave the euro, it would also have to quit the European Union, according to the terms of the EU's treaties, the European Commission said on Thursday.
"The treaties indeed confirm what we have been saying here: the treaty doesn't foresee an exit from the euro zone without exiting the EU, so indeed that is the current situation," European Commission spokeswoman Karolina Kottova said.
The comment was in response to a question about the provisions the EU treaties make for a country to leave the euro, but the spokeswoman did not refer to a particular member state

Chancellor Merkel and the European Commission are not identical

I don't plan to waste any more time with your posts

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Chancellor Merkel and the European Commission are not identical

The Germans are the deciders, as they are the last one standing with any money.

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I don't plan to waste any more time with your posts

I am sure that it is not comfortable for you to get called out as wrong by me, as you were here trying to claim that there is a big difference between leaving the Eurozone and leaving the EU.....when in fact leaving one necessitates leaving the other.

Almost all of the endeavors to defuse this crisis have denied the overarching conclusion of that I.M.F. draft: that Greece could no longer pay its bills and needed to drastically cut its debt.

Until October, when European leaders conceded that point, the champion of the resistance was Jean-Claude Trichet, who stepped down this month as president of the European Central Bank. It was he who insisted that no European country could ever be allowed to go bankrupt.

“There is simply no excuse for Trichet and Europe getting this so wrong,” said Willem Buiter, chief economist at Citigroup. “It is fine to make default a moral issue, but you also have to accept that outside of Western Europe, defaults have been a dime a dozen, even in the past few decades.”

If leaders had agreed earlier to ease Greece’s debt burden and moved faster to protect the likes of Italy and Spain — as United States officials had been urging since early 2010 — the worst might be behind Europe today, experts say.

The turning point came at a late-night meeting last month when Angela Merkel, the German chancellor, pushed private creditors to accept a 50 percent loss on their Greek bonds. Mr. Trichet had long opposed such a move, fearing that it could undermine European banks. Instead, at his urging, European leaders initially promoted painful austerity for Greece, prompting a public backlash that pushed Mr. Papendreou’s government to the brink of collapse and could force Athens to abandon the euro.

Many view the latest rescue plan as too little, too late.

“Because of all this denial and delay, Greece will need to write down as much as 85 percent of its debt — 50 percent is not enough,” Mr. Buiter said.
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Paradoxically, it was a representative of the banking industry, perhaps more in tune with the realities of the marketplace, who finally insisted that Greece could not borrow and cut its way out of the crisis without having to restructure its debt.

“There was shock and surprise on their faces,” Mr. Dallara recalled. “They could not believe it.”

Again, Germany put its foot down — another delay. While a new deal reached in late October will force bondholders to accept deep losses, Europe, Greece and Mr. Dallara continue to insist that the transaction will be voluntary. As a result, there will be no need to trigger Greek credit defaults swaps, which would add to the complexity and cost. But in the eyes of many debt experts, this is simply another form of denial.

“You have to have a coercive element to make it work,” said Mitu Gulati, a sovereign debt expert at Duke University Law School. “To not accept that means you are living in Alice in Wonderland.”

God, the CDS market is fucked and needs to be gotten under control as soon as possible.

Maybe you can answer this question as well - why does the ECB not simply print however many Euros are needed to cover the losses? Surely the downsides to this would be far preferable to watching Greece exit the system, and Italy and Portugal probably collapsing not long after that.
Cycloptichorn

Haha, this just about sums it up how each leader sees the other - and the same goes for its citizen. This might be also a reason why the EU on an emotional level won't succeed.

I don't think that history supports your metaphorical analysis. Think some more.

I'm not suggesting that nothing will change or evolve - quite the opposite. However the catastrophic collapse you forecast above is not consistent with history.