Europe's common currency the euro has
been cheating death for years now with
the UK heading for a European exit
Greece in perpetual crisis and economic
discontent fueling nationalism across
the continent can the euro the world's
most ambitious financial experiment
survive here's the situation voters are
fed up with the economic failings of
some EU countries and the loss of
controls to Brussels withdrawal from the
euro has become a rallying cry for
nationalist movements including Italy's
five star movement and Malian demands
National Front in France meanwhile the
Greek tragedy continues government is
struggling to meet creditors demands to
keep the bailout funds flowing Germany's
insistence or more austerity has left a
lingering sense that Greece might have
to leave the currency union sooner or
later adding to the problem is a euro
area slow recovery from its worst ever
recession unemployment for people under
25 has been stuck above 40 percent in
Greece and Spain creating what some call
a lost generation of European youth
here's the argument the global financial
crisis exposed the flaws in the common
currency when it was created by 11
countries in 1999 they agreed to a
shared central bank and set of interest
rates but only a limited unified
approach to government spending or bank
regulations so when banks began to
wobble and countries like Greece and
Spain were pushed to the brink the
common currency meant they were tied to
the euro leaving them with little option
but to accept massive government
bailouts from the euro area Germany as
the area's biggest economy paid the
lion's share
since then euro area leaders say they've
strengthened the rulebook to make the
common currency more resilient they
argue even if Greece falls out of the
block the euro will survive European
leaders have shown time and time again
they'll do whatever it takes to keep the
currency going and then there's the
politics the euro
unlike other currencies is more than a
means of payment it's a symbol of
Europe's aspiration to unite in peace
and prosperity but some business leaders
analysts and politicians suggest the
currency structural deficiencies mean
its demise is just a matter of time
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