They have no choice but to leave the Euro! What all of these “analysts” don’t realize is that they will never be able to devalue their currency if they keep the Euro, therefore they will never be able to pay off their debt regardless if they want to or not! The flaw with the Euro concept is different economies are just that, different. The way countries like Greece, Spain, and Italy remained solvent in the past is by deflating their currencies. If they cannot do that, they will always be in debt.
Excellent post, well argued.
When the Euro was being introduced, I used to ask how economies so different - Germany, Portugal, etc. could have a common equal currency. Well, now I have my answer. They can’t, unless they are willing to have drastic economic inequality.