After years of watching the eurozone leaders make mistake after inglorious mistake, it's clear that the problem is that Angela Merkel is a mental midget who is responsible for most of the problems Europe has and will continue to have. Until this mad woman is deposed from a leadership role in Germany, there is no end in sight to the euro-nightmare.
Merkel's insistence on crazy solutions to the crisis — lumped under the general term “austerity” — are leading the economy of not only Europe but the entire globe into an economic black hole. Her almost religious belief in punishment as economic salvation reflect the fatal flaw in German thinking (if delusional madness can be called “thinking”). After benefitting from the flawed Euro currency's existence for years, when the ultimate payback looms, Germany remains in denial that there ever was a problem with a currency union. When times were good, German exporters could sell goods to the other Eurozone members cheaply compared to the time before in which Germany was disadvantaged by its high-valued Deutschmark. The Euro gave them a locked in customer base across the eurozone. But, when times are bad (now), those customers are unable to purchase goods produced by Germany due to austerity which creates a negative trend to those economies. Growth would revive the eurozone, but Merkel continues to urge a policy of negative growth. So, the knot which tied Europe together into one happy family in good times becomes the hangman's noose in bad times.
Yet, Merkel is unwilling to accept the reality of the situation. Which is exactly why the eurozone is headed for further problems. And, as those problems continue to fester, their effects are pulling the US and Chinese economies down. Far from being a problem caused by the US as the Germans are claiming, the eurozone's problems are entirely of their own making. But, they are simply too stupid to realize that.