At the start of the Eurocrisis, the PIIGS of Portugal, Italy, Ireland, Greece and Spain were targeted at the countries that would be hit the hardest and drag everyone down with them and so it seems this is what has happened.
Spain are on the brink of asking for a 200 billion Euro bailout so it must be time to consider losing the Euro and all countries return to the their own currency or everyone joining together to make one European superstate.
So far, the PIIGS have received over £2 Trillion of bailout money and yet they are still set to collapse so the choices are continue giving them money and setting more severe austerity measures that they patently can't enforce or just let the whole thing collapse and have done with it.
Obviously £2 trillion is not enough so we can pay it again and hope things pick up and the whole thing may well fall down still anyway or cut our losses and bring it to a halt now.
I don't know why the PIIGS can't be dropped from the Euro and let them go back to their Drachmas and Lira and leave the rest of the Euro countries to carry on, we kept our pound and still trade so why can't Spain?
I have heard that the UK stand to lose up to 4% of our GDP if Greece comes out of the Euro, why? Greece will still be there and it will still buy and sell with us so why should it matter if they pay in Euros or Drachma?
I don't understand the mechanics of how it all works but i can see when we are throwing good money after bad and the PIIGS are draining the rest of Europe so cut them loose, let them run things there own way because the worst possible outcome is what we have now where nobody does anything except kick the can up the road and hope that by the time we get to it things have improved.
I see the choices as let the whole thing go, let the PIIGS go or all jump in lock, stock and barrel. None of them ideal but something has to be done.