The ripple effect across the European economies

When we look at the structure of the Euro, it becomes clear that the design was flawed from the outset because of a failure to understand what MONEY really is.
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There  is  simply  no  precedent  for  such  an  economic system of a Single Currency creating in theory a Monetary Union absent a Single Fiscal Debt Union. This type of fast and loose economic structure is from another planet. There is no enforcement mechanism whatsoever to compel member states to curtail their budgets yet the bonds they issue are of the equivalent of a federal nature. This is as if a federal government allows foreign states to print its MONEY at will. In the USA, state and local debt is NOT federal and cannot serve as RESERVE status increasing the money supply. No does the threat of one state threaten the federal debt. Hence, without serious reform, there can be no credible solution. Creating bailout funds do not solve the problem and only kicks the can down the road. This is why there must be FIRST a consolidation of ALL member state national debts. There is no mechanism to enforce fiscal policy at the  member state level. Consolidating the debt will restrict bank RESERVES to only federal debt and this will also stabilize the banking system.
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The euro DID NOT ELIMINATE by any means the member state REAL currency movement as believed most assumed it would accomplish from the outset. The free market will always respond to any such change. In this manner, it was logical that the  bond market of each member state would simply become the  tradable virtual constructive currency derivative that in effect provides the SAME impact as the old currency would have accomplished. A currency rises and falls based upon CONFIDENCE in the political government underling that instrument. Creating the euro, BUT leaving each nation with its sovereign debt converted to euro, left intact the SAME underlying element of separate and distinct political risk. To someone like me, I see the inherent currency component that remains and thus I can create a hedge against the political risk by now SHORTING the euro bonds of that member state creating the same identical Virtual Currency performance had the drachma, lira, peso, or even the German mark still traded.