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The real weakness of the currency block is that it has to support member countries who may not be financially that strong.
And in the process debts of less prosperous countries being paid off from tax payers of the affluent countries.
In the European union which is a the EURO currency block , the IMF managing director has said there has to be changes. Going back to business as usual is not an option.
The red herring here is the Greek budget deficit which is in excess of12%. That would be4 times the limit imposed by Stability and Growth pact of the European Union.
And other countries like Slovakia are opposing EFSF – that a poorer country ends up bailing out a richer one.
There is chance of a break up. As Germany the European growth engine may not bail out others all the time and the list of countries that have to be bailed out are growing with Spain and Portugal joining the list.
