Bloomberg
June 10, 2011
It appears another rescue is on the way for Greece. It won't solve the currency union's problems. The real threat to the euro isn't that a weak peripheral country like Greece might withdraw in an effort to devalue its way to competitiveness, but rather that Germany might want to pull out.
Germany's incentive to leave grows with each bailout, and Berlin could ultimately make a simple calculation that extrication will be less costly than continuing the sacrifice needed to keep the euro.
Greece, Portugal, Ireland and Spain arrived at their positions via different paths, but they now at least partially share three problems that create challenges for others in the eurozone.
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