and the logical outcome of the Euro

http://www.telegraph.co.uk/finance/financialcrisis/9046820/IMF-tells-Greece-it-will-lose-control-of-budget-in-return-for-bail-out.html

As George Osborne says, transfers from Northern Europe to Greece have to be regarded as like moving money from London to the north of England.

Or, to put it another way, the Euro as constituted can't work unless, say, the Finns regard Greek public debt in the same way as a Finnish public debt