Thought provoking article by Liam Halligan.
As I read it, Halligan is stating that German self-interest will triumph over team Europe. Likely outcome is a fudge, although I do agree that some of the peripheral states will leave the eurozone. I have posted previously articles on the 'new' Europe. It remains to be seen if Germany will support major reforms of the EU which will require nations to forgo sovereignty in the economic sphere.