An opinion column in The New York Times makes a very intriguing suggestion for saving the euro. The notion is that Germany leave the euro zone, thereby effectively devaluing the euro and making it easier for the euro countries now in danger to refinance their sovereign debt.
Griffin and Kashyap's core idea is this: preserving the European Union is more important than preserving the euro in its present format. They note that the U.K. functions as a key E.U. member while not being part of the euro group, and that a Germany once again using the mark could do likewise.
They believe it will be less damaging to the euro scheme for Germany to exit, rather than for other nations which cannot cope economically to leave. This latter outcome they believe can lead to the European Union's demise. Theirs is an idea worth considering.
