yeah to some extent you're better off than me, wording-wise.
but anyways, like i said, i don't believe the southern european countries' lack of accountability, if you will, is what got them into the current mess. artificially low interest rates did. with the economic history of fringe countries like greece or portugal in mind, why did ANYONE
believe they would all of a sudden come to their "northern european" senses? they've never acted responsibly, from a german or dutch point of view. from their own point of view, they always have - as the possibility of a self-inflicted develuation had been obvious the back-up plan. it's been a political move since ages, widely respected even among economists.
well, within the emu, that major remedy is gone for good. so i guess in the end the demise of that terrible straitjacket has virtually no downside, for no country, no part of the continent, apart from maybe
a short-term liquidity crisis.