"When the euro was first introduced, people were aware of this very danger. That's why the Maastricht Treaty contained rules on countries wishing to join the euro currency union. Specifically, government budget deficits were not to exceed 3 percent of GDP, and total government debt was not to exceed 60 percent of GDP.
Obviously the Maastricht Treaty's rules were as binding as the Bill of Rights in the United States. Partly aided by shenanigans involving currency swaps designed by Goldman Sachs, the Greek government flouted the limits of deficits for years. Thus here we are, in the very nightmare scenario about which some economists (such as Milton Friedman) warned at the euro's inception"..........READ MORE
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