The distinguished economic journalist Johan Van Overtveldt examines the fate of the euro using the latest data. He demonstrates that the union of Germany, France, Italy, and other European countries with a single currency and monetary policy - but without a genuine political union - could only lead to significant imbalances among member states and threaten the stability of the European Union.

Van Overtveldt also gives us a glimpse of what the future holds for the monetary union and for the deeply divided European continent as a whole. "...Greece and Portugal, and to a lesser extent Ireland or even Spain, have much in common with Argentina at the beginning of the twenty-first century: a complete loss of international competitiveness, disorganization of public finances, public debt rising to unsustainable levels, a very rigidly organized economy incapable of delivering healthy economic growth, extensive capital flight, huge current account deficits, and a complete loss of investor confidence.

Greece in 2011 is in even worse condition than Argentina in 2001. Argentina's steps are inevitable for Athens... However, let’s clarify something: leaving the eurozone is not really a good solution. It is the least bad of a limited number of available exits."