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Post war Politics in Europe has been engaged in the process of political and monetary union. It is no exaggeration to state that this has underpinned all intellectual and political thought for a generation. The ambitions of the modern political class in Europe is the creation of a super state or super power to rival that of the US and China. Nothing less will do.
Set backs to this cause have been factored in. They expect derailment and crisis but the cause is too great to fail.
Monetary union in the form of the Euro represents a major supporting plank. It’s political not economic. If it were most states would not touch it with a long pole.
Therefore no single state or even group of states will be allowed to stall the greater purpose.
The debts of the PIIGS states pale into insignificance alongside that of California and some other smaller US states. The idea that they would leave that union because of unsustainable debt or bankruptcy is laughable. The federal government always rides to the rescue.
So it will be in Europe. They will huff and puff and prevaricate but the house will not fall down.