As screwed up as this nation is, Europe is displaying its own resistance to the inevitable. There is no way that the Euro or Eurozone can perdure unless there is a default or a reorganization so that there is a federal government in control of all finances. To expect each nation to comply with a set of principles is expecting too much.
I doubt that the European nations want to lose their "sovereignty", but without such a change, they will drift lower into more chaos. At the end, they will still lose much of the money they have already loaned. It is all upside down.
It does make me feel good about our nation's structure. While we are now undergoing another struggle over state vs. federal rights, it is clear that we all agree that they are both relevant to the success of the other. We would not have a strong nation without our states being able to organize themselves according to the particulars of their geography and peoples.
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