My guess is it will all pass over through bailouts until 2014 when the maturity dates hit. Then the swhtf. England however is on the brink of an immediate crisis. I think there will be big riots and striking by the end of the year.
The Euro was created first and foremost to foster peace in Europe through increased economic integration.
Please don't analyse my one liners, Martin... But seriously.... The Euro sceptics are having a field day obviously these days but it's easy at this point on the curve to come out and say it was doomed all along. It's just not that simple. As if without the Euro Greece and Portugal today would be booming.... Maybe with the Lire and the Peseta Italy and Spain would have fallen already and tens of milions of peoples savings would have been wiped out.... Nobody knows.... It has it's flaws and its plusses but one thing I know for sure is when it does collapses Krugman would be the last to predict it timely.