If one looks at what is happening with regard to the Euro, one can see that there is a cultural casum of how to approach the bankruptcy problems. Europe has had the pick of the tourist/goods platter; however no more. Terrorism has spread to all countries, and has effected the flow tourist and of goods to those countries.
Goods in the case of Europe is largely the tourist trades and imported goods, the tourists are afraid to visit the many divers countries under the Euro currency. This obviously effects the bottom line for the countries to collect travel taxes, that were so plentiful until now. Also many of these countries rely on exporting their goods to the world, and the dependence of importing goods has been disproportionate for some time now.
All this said, gas prices is also a factor that has effected the overall world wide trade. It seems that there is a perfect storm that has developed against Europe and the Euro. What will the leaders of these countries come up with? They would be the only ones that would know.
The Euro will continue to struggle because there are so many different cultures at the decision table, I remember when I lived in Switzerland that in order to change a law or at least start the process to change a law required only 100 signatures from its citizens. Ironically this was almost full proof for the government and the laws to stay the same. Try to get 100 Swiss to think the same is almost impossible, now try to do the same task with 27 different countries, with extremely diverse cultures.
Good luck Euro you are going to need it…..