Europe needs to act swiftly and at one-voice to defend one of its greatest assets. A common currency eases out risks and costs, but is something very hard to achieve for a number of countries - it implies coordination and quickness, in order to develop institucionalised mechanisms that for strong responses in a tough and competitive environment. It is the lack of those mechanisms (being it controls - like not allowing the countries to have huge Governmental Budget deficits - or swift currency solidarity ones) that is endangering the Euro. One-voice and quickness are absolutely essentials.
And let me tell you. Stiglitz (and there is a reason for me to really like him) is absolutely right.- Europe was swift on acting on the financial bank crisis. It was coordinated. Then, why is it allowing such an attack on Greece? "You can't throw a blank check to save the banks and then try to cash in your family" is a great sentence.
Portugal, on the other hand should embrace itself and getting ready. We are next on the list. And the European Union must know that if a second country in the Eurozone falls, the Euro might be doomed...
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