The euro is a disaster even for the countries that do everything right

[Amph]

Some of you seem not to understand that Euro per se is not the problem at all. It is just as you would blame bitcoin for online black markets or money laundering.
Greece did not bankrupt because they accepted Euro as their currency! The problem is economy system, spending more money that you got and insane debt creation.
Also donations from Eurozone are not good way to improve economy of countries with bad economy as they create more debt than it is possible to pay.

ok but they spend more? because they know that their ass is covered from central bank, without the euro, and everyone with his own old fiat, this wasn't possible

so they would have played their money more wisely, but when you know that  someone else can pay for your shittiness you will be addicted in wasting money, that's a truth

[dinofelis]

It is very funny to read such a thing from someone who is supporting crypto currencies.

How would you devaluate Greek bitcoin if the whole world were using bitcoin for instance ?

The euro is a disaster even for the countries that do everything right

But despite all this, Iceland has still managed to outperform Finland and the Netherlands. How is that possible? Well, it doesn't have the euro. It has its own currency, the krona. And as much as it hurt Iceland's people to lose 60 percent of their purchasing power on imported goods when the krona fell that much, it helped Iceland's economy by making their goods more competitive overseas. That was enough to keep what could have been a depression from turning into anything other than a bad recession.

The euro, though, does the opposite. Countries can't devalue their currencies or cut interest rates or even spend more when they get into trouble, and so they stay in trouble. All they can do is cut wages, cut spending, and then cut wages some more as penance for whatever economic transgressions they may or may not have committed. The euro straitjacket, in other words, turns ordinary problems into extraordinary ones (Finland) and extraordinary problems into historic ones (Greece). And that can happen whether or not you follow the rules.

The euro is a capricious god, meting out punishment to sinners and saints alike.

http://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/17/the-euro-is-a-disaster-even-for-the-countries-that-do-everything-right/?postshare=3261437169131539

What is exactly great about the Euro is that there is not too much "redistribution of wealth" and that those trying to do so, like the Greek, fall hard on their faces.  The "bailout" will totally annihilate what remains their economy, and rightly so. It is the price to pay to having desired getting "wealth distribution".

What one obtains with the Euro, is - like with cryptocurrencies - that no monetary manipulation can serve as an excuse for wealth re-distribution from the productive to the non-productive, and keeps the balances right: you can only consume what you produce.  This is as it should be, and those wanting to live off others' production should end up eating cockroaches.  As cryptocurrencies would also do.

[dinofelis]

Some of you seem not to understand that Euro per se is not the problem at all. It is just as you would blame bitcoin for online black markets or money laundering.
Greece did not bankrupt because they accepted Euro as their currency! The problem is economy system, spending more money that you got and insane debt creation.
Also donations from Eurozone are not good way to improve economy of countries with bad economy as they create more debt than it is possible to pay.

ok but they spend more? because they know that their ass is covered from central bank, without the euro, and everyone with his own old fiat, this wasn't possible

so they would have played their money more wisely, but when you know that  someone else can pay for your shittiness you will be addicted in wasting money, that's a truth

They THOUGHT their ass was covered by the central bank. Now they find out it wasn't, and they are going to eat cockroaches for a few decades.  The next one trying to do so, will cool down quite quickly I'd say.

[Hazir]

ok but they spend more? because they know that their ass is covered from central bank, without the euro, and everyone with his own old fiat, this wasn't possible

so they would have played their money more wisely, but when you know that  someone else can pay for your shittiness you will be addicted in wasting money, that's a truth

The main problem was donations from EU, not euro as currency or involvement of EU central bank. There are some countries which are part of the European Union and still have their own old currency.
These countries receive donations in euro and then convert it to their own currency. So as we can see borrowing money is the problem, debt created this way cannot be regulated.