You are right.
The Euro is not the problem; the problem is the over-spending governments. The discipline provided by the Euro has laid bare the unsustainability of out-of-control social welfare spending. Kudos to the Greeks for showing some common sense.
Under the Euro, the Greeks cannot simply devalue and inflate away their problems for another day. Wish we could say the same.
“The discipline provided by the Euro has laid bare the unsustainability of out-of-control social welfare spending.”
The austerity measures are not free market reforms, actually they’re more in the way of tax increases and less in the way of spending cuts/reducing government. What Greece needs is a drastic reduction in the size of government, pro business reforms plus returning money to the producers via tax cuts. But so far they refuse to to so.
The Euro just makes Greece’s problems the problems of more fiscally responsible nations like Germany when they’re constantly hassled for bailout funds. Look for countries like Spain, Portugal, Italy to be lining up with their hands out next.