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A combination of more austerity, haircuts for creditors and further soft loans from rich countries will probably be what eventually solves the euro zone crisis. But the region would get there faster if everybody admitted their own guilt. Simply making everyone share the blame doesn't solve the huge problem of Moral Hazard. The show just goes on.
As far as I can see, the idea of a split-Euro had been dismissed as too confusing. But it would answer the following point - all would share the consequences, pain would be less and nobody will be responsible fo nothing - how convenient for the Brussels pimps and prostitutes populating the European Parliament . Italy, Greece's etc could work their way out with a weakened currency. The Northern banks would hold a weaker denomination, but money would initially flow in the northern direction (gov't officials leading the race, no doubt), so the northern banks would arguably gain and be happier to support a leaner south. The south could, over a number of years, begin to act honestly (i.e. collect taxes) and a balance would be achieved.
A southern Euro would not be drastically different, and in theory could eventually catch up.