HOW WILL EUROZONE DEBTORS REPAY GERMANY AND OTHER CREDITORS ?

This is the unknown factor in the EUROZONE !  Before the General Election in Germany no one really wants to commit themselves.

The basic facts are that five countries were loaned Billions of EUROS at a time when they were financially almost insolvent !  They were obliged to reorganise their finances, slim-down costs, etc and not to withdraw from the EUROZONE, i.e. the EURO. 

Alas at the time the World, particularly Europe, was in a recession and these countries have not been able to recover ! The five countries concerned (Portugal, Ireland, Spain, Greece and Cyprus) are still in difficulties and are now burdened with enormous debts which they in fact have little hope of being able to reimburse !

The real question appears to be whether their sole way out of this financial mess is not to withdraw from the EUROZONE, readopt their former currencies and declare a devaluation.  This would slim-down internal costs (particularly salaries and pensions and Financial oblgations).  It would make their country competitive on the export markets again !

Other countries have taken such action frequently in the past, but it would destroy destroy some of the objectives of the EUROZONE.  

The real question today is, therefore, what alternative solution is available ?
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