Why the euro zone will survive

Finally some European has taken up the defense of the euro zone against the merciless agression of the misinformed global markets.

Lorenzo Bini Smaghi (at least his arrogance, which I have personally witnessed, is put to a good use) argues in the article in the Foreign Affairs on "The Future of the Euro. Why the Greek Crisis Will Not Ruin Europe’s Monetary Union"
that the euro zone has done pretty well in dealing with the crisis.

I agree. As I wrote in a previous post, the euro zone will come out stronger from the crisis. As we say in Polish "what does not kill you, will strengthen you".

He also rightly points out the stupidity of the overpaid global financiers, who until the last moment continued to finance Greece at extremely low interest rates.

I disagree with him though that Greece will not have to go through a debt restructuring - for me, it is a given.