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  Howard - as I have said a partial managed default is likely to be part of the solution alongside the decoupling of weaker countries from the Euro. These countries will also have to get their deficits under control but devaluing will help to do that by making them more competitive, deflating the debt, increasing tax receipts and boosting growth.
  
  There are no painless solutions at all but there is no need for that hemlock of yours.
  
  The lessons are clear that government's must restrain their expenditure to affordable levels and down to what does not damage the economy. It will take a long time to fully rebalance these economies (including ours) but it must be done and the current crisis coming to a head will start the process, difficult as things will be for a while.

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