Can't see any other likely possibility.
Germany hasn't the appetite to do what would need to be done to preserve the common currency. They don't want to carry Europe's enormous debt burden.
The folks in places like Greece and Portugal are resistant, as one might expect, to immediate 30% drops in salary and cuts to everything - they'd rather see a different kind of policy.
The Euro - as currently constituted - looks doomed to failure.
Something which might work is to have two Euro areas: roughly the Protestant Euro and the Catholic one. Let the Catholic Euro's value float downwards where it wants to go. And let the Protestant Euro be like the Deutschmark.
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