As far as the end game goes, it’s clearly the Euro. When they get rid of that darn thing or finally get the will to issue Eurobonds, recapitalize all the major banks with fresh effusions of Eurobond debt or make-believe money, it will end. Who knows when and if that will happen. One thing is for sure, Europe can do just fine without the Euro. Probably a lot better. Get rid of it, is my preference.
The problem as I and many others have written is simple. The EU should have come up with a common government before a common currency. Currency adjustments have been the equilibrium method in the past for perceived weakness and strength of sovereign credits. That has been stripped away from the Eurozone but this loony idea of a common currency without the ability to print more of it. So, if you can’t print it, burn it is what I say and replace it with a fiat or make that a Lira.