Can the euro be saved?

Devaluing the Euro would really help the PIIGS. Of course, that wouldn't fly in Germany.
ECB needs to function as a lender for these countries, too, so that they don't get forced into default by rising interest rates on their debt.

 

I used it on the Soccer Thread. Seemed somehow appropriate.

Devaluing the euro would help British tourists as well. (What? It would. I have in fact heard half-serious arguments that a devaluation could boost tourism in some parts of Europe.)

 

It also makes your labor more attractive, your exports more attractive and your debt less burdensome. It's not a silver bullet, but the ability to devalue helps. It's likely what Greece and Italy would have done already if they had their own currency. Since they don't .... river, no paddle, etc.